This bill amends the Income Tax Act of 1967 by modifying sections 30 and 623, and adding new sections 279 and 679, to provide various tax relief measures for individuals, particularly focusing on seniors, veterans, and those saving for education or home purchases. Key provisions include allowing deductions for contributions to education savings accounts and ABLE savings accounts, as well as for disabled veterans regarding student loan discharges due to total and permanent disability. The bill also introduces deductions for first-time home buyer savings accounts, with limits set at $5,000 for single returns and $10,000 for joint returns, applicable until December 31, 2026.

Additionally, the bill establishes a new tax credit for employers who provide paid organ donation leave, allowing them to claim 100% of the wages paid during the leave period, capped at 12 weeks per eligible employee, effective for tax years beginning on or after January 1, 2026. It also outlines adjustments to personal exemptions and deductions based on age and retirement benefits, with specific exclusions from adjusted gross income calculations starting after December 31, 2024. The bill aims to ensure that the tax code remains responsive to economic conditions while providing incentives for home buyers and retirees.

Statutes affected:
Substitute (S-1) AND AMENDMENT(S): 206.30, 206.623, 206.1, 206.847
Substitute (S-1): 206.30, 206.623, 206.1, 206.847
Substitute (S-2): 206.30, 206.623, 206.1, 206.847
Senate Introduced Bill: 206.1, 206.847
As Passed by the Senate: 206.30, 206.623, 206.1, 206.847