California tax rates for 2009 were posted on Aug. 27 to the www.ftb.ca.gov website. There was a -1.5% deflation adjustment, which means that tax rates went up because of negative inflation. Also, a .25% increase in all income tax rates was applied. The personal exemption credit decreased from $99 to $98 for 2009, and the previously-large dependent exemption credit decreased from $305 to $98.
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I knew about the reduced dependent credit; if you recall that was voted in during the heady surplus ridden days of the dot.com boom, and nothing that was based on that whole year of surpluses is sustainable. But the decreases to the standard deduction & regular exemption, and the income levels that qualify for the renter's credit, etc....that was a surprise! can't ever remember anything being reduced due to deflation. -
I knew about the reduced dependent credit; if you recall that was voted in during the heady surplus ridden days of the dot.com boom, and nothing that was based on that whole year of surpluses is sustainable. But the decreases to the standard deduction & regular exemption, and the income levels that qualify for the renter's credit, etc....that was a surprise! can't ever remember anything being reduced due to deflation.Comment
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