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House Taxation Committee tables bill to create interest-income deduction
Summary
The House Taxation Committee tabled House Bill 132, which would have allowed an 'interest received' deduction for individual income tax reporting interest on Form 1099; members said the benefit mainly accrues to large savers and the bill failed a roll-call before a subsequent motion to table passed 21-0.
The House Taxation Committee on the morning agenda took executive action on House Bill 132, a proposal from Rep. T. Falk to create an "interest received" deduction for individual income tax filers that would require interest income to be reported on Form 1099 and limit the deduction by filing status.
Committee members expressed skepticism about who would…
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