DIGEST OF INTRODUCED BILL
Income tax credits and deductions. Provides that a taxpayer filing a single return may not claim the additional $500 income tax deduction for the elderly if the taxpayer's adjusted gross income is more than $20,000. (Under current law, a $40,000 income limitation applies to taxpayers filing a single return and to married taxpayers filing a joint return.) Increases the amount of the unified income tax credit for the elderly for a claimant residing with a spouse who is also eligible for the credit.