Recent Tax Law Changes                 ***NEW 2008 & 2009 TAX ACTS  See the Tabs at Left for Overviews of this Legislation   IRS Announces 2010 Mileage Rates  effective Jan 1, 2010  50 cents per mile for business miles driven;  16.5 cents per mile driven for medical or moving purposes; and  14 cents per mile driven in service to a charitable organization.  The business mileage rate was 50.5 cents in the first half of 2008 and 58.5 cents in the second half. The medical and moving rate was 19 cents in the first half and 27 cents in the second half.  2009 Inflation Adjustments Widen Tax Brackets and Expand Tax Benefits WASHINGTON — For 2009, personal exemptions and standard deductions will rise and tax brackets will widen because of inflation adjustments announced today by the Internal Revenue Service. By law, the dollar amounts for a variety of tax provisions must be revised each year to keep pace with inflation. As a result, more than three dozen tax benefits, affecting virtually every taxpayer, are being adjusted for 2009. Key changes affecting 2009 returns, filed by most taxpayers in early 2010, include the following: The value of each personal and dependency exemption, available to most taxpayers, is $3,650, up $150 from 2008. The new standard deduction is $11,400 for married couples filing a joint return (up $500), $5,700 for singles and married individuals filing separately (up $250) and $8,350 for heads of household (up $350). Nearly two out of three taxpayers take the standard deduction, rather than itemizing deductions, such as mortgage interest, charitable contributions and state and local taxes. Tax-bracket thresholds increase for each filing status. For a married couple filing a joint return, for example, the taxable-income threshold separating the 15-percent bracket from the 25-percent bracket is $67,900, up from $65,100 in 2008. The maximum earned income tax credit for low and moderate income workers and working families with two or more children is $5,028, up from $4,824. The income limit for the credit for joint return filers with two or more children is $43,415, up from $41,646. The annual gift exclusion rises to $13,000, up from $12,000 in 2008.

Governor Bush Signs Law Repealing Florida Intangible Tax Effective January 1, 2007 Florida's intangible personal property tax is an annual tax based on the current market value, as of January 1, of intangible personal property owned, managed, or controlled by Florida residents or persons doing business in Florida. (FL DOR website: www.myflorida.com/dor/taxes/ippt.html)  This annual intangible personal property tax has been repealed effective January 1, 2007.  Taxes for tax years prior to January 1, 2007 will remain in effect and will subject to assessment.