Bill > SB207

This bill authorizes a credit against the State income tax for certain taxpayers who are at least 80 years old and have a federal adjusted gross income not exceeding $175,000 for individual filers or $250,000 for joint filers. The credit amount increases incrementally from 20% of the State income tax for 80-year-olds to 100% for those 84 and older. The credit is also available to eligible couples filing jointly, with the same incremental increases based on their combined ages. If the credit exceeds the State income tax for the taxable year, the unused portion cannot be carried over to other years.