FISCAL NOTE

House Bill 163 (Act 2022-297) as enacted would decrease individual income tax receipts to the Education Trust Fund by an estimated $12,923,000, beginning in fiscal year 2022 and an estimated $17,230,000 each year thereafter, by increasing:

(1) the adjusted gross income (AGI) threshold to claim the maximum dependent exemption of $1,000 from $20,000, currently, to $50,000;

(2) the AGI floor to claim the optional standard deduction for taxpayers that are married filing jointly, head of family, and single from (a) $23,000, currently, to $25,500; and (b) from $10,500, currently, to $12,750 for taxpayers that are married filing separate;

(3) for taxpayers that are married filing jointly: the minimum standard deduction amount from $4,000, currently, to $5,000 and the maximum standard deduction amount from $7,500, currently, to $8,500;

(4) for taxpayers that are married filing separate, head of family, and single: the minimum standard deduction amount from $2,000, currently, to $2,500; and

(5) the maximum standard deduction amount for taxpayers that are (a) married filing separate from $3,750, currently, to $4,250; (b) head of family from $4,700, currently, to $5,200; or (c) single from $2,500, currently, to $3,000.