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Committee hears bill to exempt modest amounts of interest income to encourage saving
Summary
Representative Terry Falk introduced HB132 to allow an interest‑income deduction (up to $2,500 per individual, $5,000 joint) reported on Form 1099‑INT aimed at smaller savers; CPAs and policy groups warned it complicates the simplified return and urged full fiscal accounting.
Representative Terry Falk opened the hearing on House Bill 132, which would allow individuals to reduce taxable income by a capped amount of interest income reported on Form 1099‑INT (a $2,500 cap for single filers; $5,000 for joint filers). Falk described the measure as ‘‘not a tax credit. It's a reduction of income’’ designed to encourage savings among risk‑averse and younger households.
Committ…
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