SB 3280

Bill Subjects

Amount Cost-Of-Living Adjustment Earned Income Tax Credit Income Tax Income Tax Brackets Personal Exemption Standard Deduction

Abstract

Increases the amounts for the income tax brackets and personal exemption and standard deduction amounts for tax year 2024. Adjusts annually for tax years beginning after 12/31/2024, the income tax brackets and personal exemption, and standard deduction amounts by a cost-of-living adjustment factor. Amends the taxable income brackets and income tax rates for each filing status for taxable years beginning after 12/31/2023. Defines "cost-of-living adjustment factor".