State SealARIZONA HOUSE OF REPRESENTATIVES

 

HB 2264: tax exemptions; dependents; inflation indexing

PRIME SPONSOR: Representative Mosley, LD 5

BILL STATUS: Ways & Means

 

Legend: DOR – Department of Revenue Amendments – BOLD and Stricken (Committee)

Abstract

☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal NoteRelating to the dependent tax exemption.

Provisions

1.       Modifies the dependent exemption as follows:

a.       Increases from $2300 to $2350 per dependent in TY 2019;

b.       Increases from $2350 to $2400 per dependent in TY 2020; and

c.        Beginning in TY 2021, DOR is to adjust the dollar amount of the exemption according to the annual change in the Metropolitan Phoenix Consumer Price Index. (Sec. 1)

2.       Makes technical changes. (Sec. 1)

Current Law

A taxpayer is allowed an exemption of $2300 for each dependent and for each person over 65 if the taxpayer pays a specified amount of the person's qualifying expenses. The taxpayer is not allowed more than one exemption for the same person (A.R.S § 43-1023). Dependent is defined by A.R.S § 43-1001 as a qualifying child or relative as prescribed by Section 152 of the Internal Revenue Code.

 

 

 

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Fifty-third Legislature                  HB 2264

Second Regular Session                               Version 1: Ways & Means

 

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