RELATING TO INCOME TAX.

Provides for re-computation of the amounts for standard deduction, itemized deduction, income tax brackets, and personal exemption each tax year, taking into account the cost-of-living adjustment factor. Adds a one-time adjustment to tax brackets. Increases the applicable percentage of the employment-related expenses for which the child and dependent care income tax credit may be claimed; provides for re-computation of the applicable percentage taking into account the cost-of living adjustment factor; and provides for a disallowance period when there is a final administrative or judicial decision finding that the claim was due to fraud or disallowing the credit. Amends state conformity with certain federal deductions.