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FISCAL NOTE
House Bill 388
Committee: Ways and Means Education Sponsor: Representative Danny Garrett
Analyst: Riley Aaron Date: 03/05/2025
House Bill 388 as introduced would reduce income tax receipts to the Education Trust Fund by
an estimated $44.8 million annually, according to data from the Department of Revenue,
beginning in Fiscal Year 2027, by increasing the amount of retirement income received by
individuals who are 65 years of age and older that is exempt from state income tax from $6,000
annually, under current law, to $12,000 annually, beginning with tax year 2026.