TO AUTHORIZE THE DEPARTMENT OF FINANCE AND ADMINISTRATION TO SET THE PER-MILE AMOUNT FOR THE INCOME TAX DEDUCTION FOR TRAVEL AND TRANSPORTATION EXPENSES BY PROCLAMATION.

Fiscal Impact Statement Bill: SB412 Bill Subtitle: TO AUTHORIZE THE DEPARTMENT OF FINANCE AND ADMINISTRATION TO SET THE PER-MILE AMOUNT FOR THE INCOME TAX DEDUCTION FOR TRAVEL AND TRANSPORTATION EXPENSES BY PROCLAMATION. --------------------------------------------------------------------------------------------------------------------------------------- Sponsors: Sen. Boyd and Rep. McClure Basic Change: SB412 authorizes the Secretary of the Department of Finance and Administration (DFA) to set the per-mile deduction for travel and transportation expenses by proclamation. Under current law, a taxpayer can deduct from his or her taxable income certain travel and transportation expenses in the form of a per-mile deduction. DFA is authorized to set the value of the per-mile deduction for travel and transportation expenses by promulgating a rule. SB412 allows the Secretary of DFA to set the value of the per-mile deduction (up to $1.00 per mile) by proclamation and without the need for promulgating a rule. The IRS sets the amount of the per-mile deduction for federal income tax purposes. SB412 requires the Secretary to set the amount of the state deduction as close to the federal deduct