Phase-Out of Personal Exemptions Eliminated

The new law eliminates the overall limitation on personal exemptions for ALL taxpayers. Beginning in tax year 2006, the phase-out on personal exemptions will be reduced by 1/3 (33%) and for tax years 2008 and 2009, an additional reduction of 1/3 (33%) will take effect. In tax year 2010, the phase-out will be completely eliminated.

Click here to return to "Economic Growth & Tax Relief Reconciliation Act of 2001"