Taxpayers who want to benefit immediately next year from a $359 million state income tax break will need a calculator.
For seven months beginning in January, employees and employers will have to manually calculate how much money to withhold from paychecks until state officials revise withholding tables next summer.
The maximum gain from the tax break is $500 on single returns for filers with a federally adjusted gross income of at least $100,000. “It’s a matter of will you take the time to go do it,” House Speaker Jim Tucker said Thursday. “It’s doable.”