House Bill No. by Representative Knox proposes to enact new provisions in Louisiana's income tax law that authorize individual income tax deductions for residents aged sixty-five and older, as well as for veterans with certain service-connected disabilities. Specifically, the bill introduces R.S. 47:293(9)(a)(xxvii) and (xxviii), which define the deductions for these groups, and R.S. 47:297.26 and 297.27, which outline the specifics of the deductions. Both eligible groups will be allowed a deduction equal to the standard deduction for single individuals, which is currently set at $12,500. The bill also mandates that taxpayers claiming these deductions maintain necessary records to verify their eligibility and provide them to the Department of Revenue upon request.

The provisions of this bill will take effect on January 1, 2026, and will apply to all taxable periods beginning on or after that date. Additionally, the Department of Revenue is authorized to create rules and regulations to implement these new deductions, ensuring that the process is clear and manageable for taxpayers. This legislation aims to provide financial relief to seniors and disabled veterans, recognizing their contributions and needs within the state.