H97 - 2015 Appropriations Act, Sec. 32.16: Individual Income Tax Changes (SL 2015-241)

Session Year 2015

Overview: Section 32.16 of S.L. 2015-241 makes the following individual income tax changes:

  • Reduces the tax rate to 5.499% in 2017 from the current rate of 5.75%.
  • Increases standard deduction from $15,000 to $15,500 (for married filing jointly), effective for taxable years beginning on or after January 1, 2016.
  • Allows unlimited medical deductions on Schedule A retroactive to January 1, 2015, to the extent a taxpayer can take the deduction at the federal level.

Additional Information: