| Date Requested:January 13, 2012 Time Requested:03:22 PM |
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| FUND(S) General Revenue Fund | |||
|---|---|---|---|
Sources of Revenue | |||
| General Fund | |||
Legislation creates:
Neither Program nor Fund | |||
Effect this measure will have on costs and revenues of state government.
| The stated purpose of this bill is to raise the maximum personal income tax exemption for persons over the age of sixty-five and for persons who are totally disabled from $8,000 to $16,000.
The bill, as written, increases the modification for senior citizens and persons who are totally and permanently disabled from $8,000 to $16,000, effective for tax years beginning after December 31, 2011. This increase in the decreasing modification allowed would result in a loss to the General Revenue Fund of roughly $39.6 million beginning in FY2013. There would be no additional administrative costs. |
| Over-all effect |
| Effect of Proposal | Fiscal Year | ||
|---|---|---|---|
| 2012 Increase/Decrease (use"-") |
2013 Increase/Decrease (use"-") |
Fiscal Year (Upon Full Implementation) | |
| 1. Estmated Total Cost | 0 | 0 | 0 |
| Personal Services | 0 | 0 | 0 |
| Current Expenses | 0 | 0 | 0 |
| Repairs and Alterations | 0 | 0 | 0 |
| Assets | 0 | 0 | 0 |
| Other | 0 | 0 | 0 |
| 2. Estimated Total Revenues | 0 | -39,600,000 | -39,600,000 |
|
3. Explanation of above estimates (including long-range effect):
The bill, as written, increases the modification for senior citizens and persons who are totally and permanently disabled from $8,000 to $16,000, effective for tax years beginning after December 31, 2011. This increase in the decreasing modification allowed would result in a loss to the General Revenue Fund of roughly $39.6 million beginning in FY2013.
There would be no additional administrative costs. |