Increases the net taxable estate exemption to three million six hundred thousand dollars ($3,600,000) on January 1, 2025. Also increases the exemption by one million dollars ($1,000,000) on January 1 per year thereafter.
Allows a modification to federal adjusted gross income of fifty thousand dollars ($50,000) of taxable pension and/or annuity income for tax years beginning on or after January 1, 2025.
Increases the state earned-income credit as of January 1, 2025 to seventeen percent (17%) of the federal earned-income credit, not to exceed the amount of state income tax.