An amended version of SB 1372, incorporating several other tax conformity bills, passed the Senate Finance Committee on Wednesday on a 10–5 party-line vote. The bill was then immediately taken up for its first reading on the Senate floor.
The bill includes several policy reforms, including a 50 percent increase to the standard deduction. It allows taxpayers who itemize to take the full state and local tax deduction, which is limited to $10,000 on federal returns under the Tax Cuts and Jobs Act (TCJA), excludes the Global Intangible Low-Taxed Income (GILTI) from the definition of taxable income for businesses and makes other modifications. The bill conforms and provides for individual refunds for tax year 2018, but all other policy changes are effective for the 2019 tax year.