The House of Representatives overwhelmingly approved House Bill 5699 giving a 0.1 percent income tax cut to take effect October 1, instead of the current slated date of January 1. The House also approved House Bill 5700 which gives a boost in the personal exemption from $3,700 per person to $3,950 per person on October 1. It would increase by $50 effective January 1, 2014 and a $100 increase effective January 1, 2017.
The tax reduction legislation is part of the budget agreement and was a major priority of Speaker Bolger throughout the budget negotiations.