Why is the exemption amount less for tax year 2009 than tax year 2008, when it historically increases each year?
Montana law requires us to adjust the income tax rate table, the value of an exemption, and the upper and lower limits on standard deductions for inflation each year. These adjustments are based on the consumer price index for June of each year. For the first time since the law has required us to adjust for inflation, the consumer price index fell (inflation was negative). This means that tax rate brackets, the value of an exemption, and the upper and lower standard deduction limits are all slightly lower for tax year 2009 than they were for tax year 2008.
Related Questions
- FURTHER QUESTIONS, COMMENTS, COUNCILMEMBER LEFFINGWELL. SO A SIX YEAR BOND PACKAGE WITH TAX INCREASES AND ONE PENNY INCREASES IN THREE YEARS WOULD BE $600 MILLION, IS THAT CORRECT?
- After depositing my tax at the bank, I have noticed that I have mentioned the Assessment year/minor head incorrectly in my challan Who do I approach to have this corrected?
- What is the income potential for a tax preparer in the first year?
