1.405 -Dependents Exemption Where the Child Earns Income
| Item | Description | FY2008 | FY2009 | FY2010 |
|---|---|---|---|---|
| 1.405 | Dependents Exemption Where the Child Earns Income3
Taxpayers are allowed an additional exemption of $1,000 for a dependent child even when the child earns income against which a personal exemption can be taken. Comment: The estimate cannot be separated from the figure for the dependents exemption in endnote 3. The estimate cannot be separated from the figure for the dependents exemption in endnote 3. Origin: IRC S. 151(c) in effect January 1, 1988 and M.G.L. c. 62 S. 3B(b)(3) Estimate: N.A. |
N.A. | N.A. | N.A. |
Key:
| ORIGIN | |
| IRC | Federal Internal Revenue Code (26 U.S.C.) |
|---|---|
| U.S.C | United States Code |
| M.G.L. | Massachusetts General Laws |
| Rev. Rul.; C.B. | Revenue Ruling; Cumulative Bulletin of the U.S. Treasury |
| ESTIMATES | All estimates are in $ millions. |
Footnote:
3 FY09 estimates for the basic personal exemptions and the no-tax status discussed in the introduction to the personal income tax are (in millions of dollars): Personal exemption for single taxpayers: $287 Personal exemption for married couples: $531 Personal exemption for married taxpayers filing separately: $13 Dependents exemption: $94 Personal exemption for heads of households: $95 No tax status/Limited income credits: $31 It should be noted that Chapter 186 of the Acts of 2002 reduced personal exemptions for tax year by 25% from their 2001 levels effective in tax year 2002; one-quarter of this reduction was restored effective tax year 2005, with additional one-quarter amounts restored in tax years 2006, 2007, and 2008. These changes in personal exemptions are reflected in the estimates above.
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