AN ACT ADJUSTING THE QUALIFYING INCOME THRESHOLDS FOR CERTAIN PERSONAL INCOME TAX DEDUCTIONS AND CONCERNING THE CLIFF EFFECT.
To (1) increase, for married individuals filing jointly, the qualifying income thresholds for the personal income tax deductions for Social Security benefits, pension or annuity income and distributions from certain individual retirement accounts, (2) require the qualifying income thresholds for such deductions for all eligible filers to be indexed to reflect the rate of inflation, using the consumer price index, and (3) provide for income threshold phase-outs to eliminate the cliff effect.
Introduced by:Rep. Kerry S. Wood, 29th Dist.
Rep. Jill Barry, 31st Dist.
Rep. Christopher Poulos, 81st Dist.
Rep. Jennifer Leeper, 132nd Dist.
Rep. Michael D Quinn, 82nd Dist.
Rep. Lucy Dathan, 142nd Dist.
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|1/18/2023||Referred to Joint Committee on Finance, Revenue and Bonding|
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