TO AMEND THE INCOME TAX CREDIT AND THE INCOME TAX DEDUCTION RELATED TO MAINTAINING, SUPPORTING, AND CARING FOR AN INDIVIDUAL WITH A DISABILITY.

Fiscal Impact Statement Bill: HB1540 Bill Subtitle: TO AMEND THE INCOME TAX CREDIT AND THE INCOME TAX DEDUCTION RELATED TO MAINTAINING, SUPPORTING, AND CARING FOR AN INDIVIDUAL WITH A DISABILITY. --------------------------------------------------------------------------------------------------------------------------------------- Sponsors: Rep. Mayberry and K. Brown Basic Change: HB1540 repeals the $500 income tax deduction under § 26-51-418 and increases the income tax credit under § 26-51-503 by $500 for a taxpayer who provides care for a disabled child. § 26-51-418 provides a $500 income tax deduction per tax year for a taxpayer who provides care for a totally and permanently disabled child in his or her home. An eligible child includes a natural or adopted child. “Totally and permanently disabled” is defined as a “child who is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months." HB1540 repeals this income tax deduction. § 26-51-503 provides a non-refundable $500 income t