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House Bill 119 (HB 119) modifies personal income tax taxable income levels beginning Tax Year 2024.Legislation Overview:
House Bill 119 (HB 119) modifies personal income tax brackets beginning in Tax Year 2024 (TY24). The number of brackets is increased from five to seven and the income range is increased, so more taxpayers are paying less taxes. The lowest earners’ tax rates decrease from 1.7% to 1.5%. The highest earners rate increases from 5.9% to 6.9% for all filers. The tax rate for heads of household, surviving spouses, and married is decreased for the lowest earners. The lowest taxable income bracket remains $0 to $8,000. The highest taxable income bracket is over $500,000 up from $315,000. The lowest income bracket for single, estates, and trusts are filers with an income less than $5,500. The highest income bracket is raised from $210,000 to $333,500. Married filing separately filers lowest bracket, $0 to $4,000, remains unchanged. The highest income bracket increases from $157,500 to $250,000. The effective date of HB 119 is January 1, 2024.Relates To:
HB 119 relates to SB 85.