SB 1225 - Current law authorizes a taxpayer to claim a $1,200 exemption for each dependent for whom such taxpayer is entitled to a dependency exemption for federal tax purposes, provided such federal exemption is not equal to $0. This act authorizes a taxpayer to claim a $2,400 exemption during the tax year in which a taxpayer gives birth to a child for which the taxpayer is entitled to a dependency exemption for federal tax purposes, regardless of whether the federal exemption is equal to $0.

This act is identical to a provision in SS/SCS/SB 133 (2023), as amended, and is substantially similar to HB 457 (2023) and SB 12 (2022 First Extraordinary Session).

JOSH NORBERG

Statutes affected:
Introduced (4088S.01): 143.161

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Senate Committee Minutes:
SENATE COMMITTEE MINUTES Bill No.: SB 1225
Sponsor: Moon
Hearing Date: 2/19/2024


COMMITTEE: Economic Development and Tax Policy

CHAIRMAN: Brown (26)

DATE REFERRED: 1/25/2024 DATE HEARING REQUESTED: 2/14/2024



STAFF:
Frank Catanzaro
Heidi Kolkmeyer
Josh Norberg


WITNESSES GIVING INFORMATION:



WITNESSES FOR:



WITNESSES AGAINST:
Jon Stambaugh