Committee: Ways and Means EducationSponsor: Marsh
Analyst: Heather PyrlikDate: 02/16/2018

FISCAL NOTE

Senate Bill 76 as passed the Senate would decrease individual income tax receipts to the Education Trust Fund by an estimated $4 million, beginning in fiscal year 2020 and each year thereafter, by increasing the optional standard deduction adjusted gross income floor for taxpayers that are married filing joint, head of family, and single from $20,000 to $23,000 and married filing separate from $10,000 to $10,500. This bill would also decrease individual income tax receipts by an undetermined amount, beginning in fiscal year 2019 and each fiscal year thereafter, by exempting any housing allowance and earned income from sources within a foreign country from income tax.


 Bill Poole, Chair
Ways and Means Education