Post details: District of Columbia --Corporate, Personal Income Taxes: Standard Deduction/Personal Exemption Amounts Increased, "Taxable Income" Clarified

07/06/07

Permalink 12:17:07 pm, Categories: News, 78 words   English (US)

District of Columbia --Corporate, Personal Income Taxes: Standard Deduction/Personal Exemption Amounts Increased, "Taxable Income" Clarified

CCH (cch.taxgroup.com) reports:

Among other tax provisions, the District of Columbia Fiscal Year 2008 Budget Support Act of 2007 increases the standard deduction amount and the personal exemption amounts for District personal income tax purposes, provides a clarification regarding the definition of "taxable income" for unincorporated franchise tax purposes, and formally repeals the targeted historic housing property rehabilitation tax credit previously available to a nonprofit corporation or an individual for District corporation franchise or personal income tax purposes.

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