California’s Franchise Tax Board (FTB) released updated personal income tax deduction and credit amounts for 2016. These amounts were adjusted from 2015 rates, based on a 2.1% rate of consumer inflation.
Standard personal income tax deductions are:
| Deduction/Credit | 2016 Amount | 2015 Amount |
| Standard deduction for single or married filing separate taxpayers | $4,129 | $4,044 |
| Standard deduction for joint, surviving spouse, or head of household taxpayers | $8,258 | $8,088 |
| Personal exemption credit amount for single, separate, and head of household taxpayers | $111 | $109 |
| Personal exemption credit amount for joint filers or surviving spouses | $222 | $218 |
| Dependent exemption credit | $344 | $337 |
| Renter’s Credit is available for single filers with adjusted gross incomes: | $39,062 or less | $38,259 or less |
| Renter’s Credit is available for joint filers with adjusted gross incomes: | $78,125 or less | $76,518 or less |
| Renter’s Credit for single filers | $60 | $60 |
| Renter’s Credit for joint filers | $120 | $120 |
Additional information about the 2016 tax rates, exemptions and other tax amounts for California can be found on the FTB website.
The Internal Revenue Service (IRS) also released updated income tax deductions and credits for 2016:
| Deduction/Credit | 2016 Amount | 2015 Amount |
| Standard deduction for single or married filing separate taxpayers | $6,300 | $6,300 |
| Standard deduction for joint or surviving spouse | $12,600 | $12,600 |
| Standard deduction for head of household | $9,300 | $9,250 |
| Personal exemption credit | $4,050 | $4,000 |
| Dependent exemption credit is not to exceed the greater of: | $1,050 or the sum of $350 and the individual’s earned income | $1,050 or the sum of $350 and the individual’s earned income |
For the full report, see Rev. Procedure 2015-53.
