Staff Analysis of the Legislation
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SUMMARY: LC 34 4760 Revises the personal income tax rates; eliminates certain tax deductions; increases the personal income tax exemption.
- sets the income tax rate at 5.4% of income
- raises the single deduction to $5,700; the married deduction to $11,400
- raises the exemption to $5,000
- allows mortgage interest deductions up to $25,000 and medical deductions used in computing federal taxable income
- eliminates corporate net worth taxes
EFFECTIVE DATE: January 1, 2017 if approved by the General Assembly and Governor.
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