Published: Friday, Aug. 26, 2011 – 12:00 am | Page 6B
The Franchise Tax Board announced Thursday that state income tax brackets, credits and deductions for 2011 have been adjusted, as state law requires, for a 2.7 percent inflationary factor, three times as large as last year’s adjustment.
The effect of the adjustment is to raise the level of incomes required to pay state income taxes (for single people under 65, it jumps from $11,803 in 2010 to $12,122 in 2011), and to raise the thresholds for tax brackets above that level.
Additionally, the standard deduction, the renters’ tax credit and other income offsets also are adjusted by the inflationary factor. The standard deduction for a single taxpayer increases from $3,670 to $3,769 and for joint tax filers from $7,340 to $7,538.
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