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Tax relief bill highlights

Here's a summary of the bipartisan $1.1B tax relief package we approved in the House this week. Notably it includes relief for parents, caregivers, renters, and seniors with some business-friendly changes to the capital gains tax and estate tax designed to bring our laws more in line with other states. The bill will now move to the Senate.



TAX RELIEF BILL HIGHLIGHTS:


• Estate Tax Reform: Doubles the estate tax threshold to $2M and removes the "cliff effect" provision.


• Senior Circuit Breaker Credit: Doubles the credit from $1,200 to $2,400.

• Short-term Capital Gains Tax: Lowers the short-term capital gains tax rate to 5 percent over 2 years

• Child & Dependent Tax Credit: Boosts the credit to $600 per dependent and eliminates cap


• Rental Deduction Cap: Increases the rental deduction cap from $3,000 to $4,000.

• Earned Income Tax Credit (EITC): Increases EITC from 30 percent to 40 percent of federal credit.

• Chapter 62F: Maintains existing trigger law and adjusts credit to be an equal amount per taxpayer

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