The state Franchise Tax Board has adjusted its 2008 tax brackets upward, to reflect inflation increases.
The adjustments mean California households with "unchanged income will pay 5 percent less in state income taxes," said state controller John Chiang, in a statement.
The state is adjusting tax brackets, thresholds for filing requirements, standard deductions and certain tax credits, based on the California Consumer Price Index inflation rate of 5 percent from June 2007-2008. That's up from 3.1 percent a year ago.
The new rates will be reflected in 2008 tax forms.
The standard deduction for single taxpayers (or married filing separate) will increase from $3,516 to $3,692. For taxpayers who file as joint, surviving spouse, or head of household, the standard deduction increases from $7,032 to $7,384.
– Claudia Buck
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