HB 2032: TAXATION; EXEMPTIONS; GROCERIES; NONPRESCRIPTION DRUGS; INCOME TAX; INCOME TAX BRACKETS; STANDARD DEDUCTION; UNEMPLOYMENT INSURANCE; LOW-INCOME HOUSEHOLD RENTERS' INCOME TAX CREDIT
- Session Year: 2025-2026
- House: House
Current Status:
In Progress
(2026-01-28: Referred to ECD, FIN, referral sheet 3)
Introduced
First Committee Review
First Chamber
Second Committee Review
Second Chamber
Final Decking
Enacted
PART
II: Exempts the sale of groceries and
nonprescription drugs from the general excise tax. PART III:
Removes the state income tax on unemployment compensation benefits. PART IV:
Doubles the standard deduction for individuals earning less than
$100,000 and joint filers earning less than $200,000. Repeals the incremental increases on standard
income tax deduction amounts. PART
V: Increases the maximum adjusted gross
income allowed to qualify for the low-income household renters' income tax
credit and increases the credit amount. PART
VI: Repeals the incremental changes to
income tax brackets and removes the tax liability for the first $100,000 of
individual income earned.