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Chairman Blackman presents bill to lower income tax rate, raise standard and dependent deductions
Summary
Chairman Blackman introduced House Bill 880 to continue earlier tax‑reduction steps: an incremental rate cut to about 3.99%, a $3,000 increase to the standard deduction, a $1,000 dependent deduction increase, and adjustments to senior exemptions and the revenue shortfall reserve fund. Members queried trigger language and fiscal details; the item was a first hearing only.
Chairman Blackman presented House Bill 880 to the Income Tax Subcommittee of the Ways & Means Committee as a continuation of prior income‑tax reform efforts. He summarized the bill as reducing the income tax rate in incremental steps to about 3.99%, increasing the standard deduction by $3,000 and the dependent deduction by $1,000, raising the senior income threshold from $65,000 to $70,000 for an…
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