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To: 38special

...maybe I missed it but when does all this go into effect...? soon, or when the current federal fiscal year ends (Sept 30) and the next begins on Oct 1st...??


14 posted on 07/04/2025 5:31:41 AM PDT by TokarevM57
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To: TokarevM57
...maybe I missed it but when does all this go into effect...? soon,

From what I can tell, the $6K standard deduction increase for seniors goes into effect for this tax year..

42 posted on 07/04/2025 7:05:23 AM PDT by EVO X ( )
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To: TokarevM57

IN GENERAL.—In the case of a taxable year beginning before January 1, 2029, there shall be allowed a deduction in an amount equal to $6,000 for each qualified individual with respect to the taxpayer.

https://www.congress.gov/119/bills/hr1/generated/BILLS-119hr1eas.html#toc-ideaf6f10add924164949bc8314600eb4e


83 posted on 07/04/2025 8:18:53 PM PDT by TexasGator (i.. logo About Issues Projects Products Connect Subscribe Invest June 19, 2025 | Insight '1-1111 -)
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