SUMMARY:  LC 34 4760  Revises the personal income tax rates;  eliminates certain tax deductions; increases the personal income tax exemption.

• sets the income tax rate at 5.4% of income
• raises the single deduction to $5,700; the married deduction to $11,400
• raises the exemption to $5,000
• allows mortgage interest deductions up to $25,000 and medical deductions used in computing federal taxable income
• eliminates corporate net worth taxes 

EFFECTIVE DATE:  January 1, 2017 if approved by the General Assembly and Governor.