HB 1220 IN

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Increases, for purposes of the deduction for persons 65 or older: (1) the adjusted gross income threshold for an individual from $30,000 to $40,000; (2) the combined adjusted gross income threshold for an individual filing a joint return with the individual's spouse from $40,000 to $50,000; (3) the combined adjusted gross income for an individual and all other individuals that are joint tenants or tenants in common from $40,000 to $50,000; and (4) the maximum assessed value of the property subject to the deduction from $240,000 to $350,000. Increases, for purposes of the over 65 circuit breaker credit: (1) the adjusted gross income threshold for an individual from $30,000 to $40,000; (2) the combined adjusted gross income threshold for an individual filing a joint return with the individual's spouse from $40,000 to $50,000; and (3) the maximum assessed value of the property subject to the credit from $240,000 to $350,000. Makes conforming changes.

• David Abbott Republican · author

1. Jan 9, 2024 Authored by Representative Abbott · lower
2. Jan 9, 2024 Coauthored by Representative Payne · lower
3. Jan 9, 2024 First reading: referred to Committee on Ways and Means · lower