SECTION 1. Section 5 of chapter 59 of the General Laws, as appearing in the 2016 Official Edition, is hereby amended by striking out, in line 1117, the words “twenty thousand dollars” and inserting in place thereof the following words “, in the taxable year beginning on January 1, 2019, $40,000, and in the taxable year beginning on or after January 1, 2020, $40,000 multiplied by the percentage, if any, by which the CPI, as defined by subsection (k) of section 6 of chapter 62, for the preceding calendar year exceeds the CPI for calendar year 2019.
SECTION 2. Said section 5 of said chapter 59, as so appearing, is hereby further amended by inserting after the word “household”, in line 1124, the following words: or $80,000, whichever is greater.
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