Highlights of 1989 tax law changes summarized
The notice outlines raised personal and dependent exemptions to 2000 dollars, 20 percent deduction cap on personal interest, social security number requirement for dependents aged two or older, educational savings bond and tax credit provisions, unearned income handling for children, and changes to alternative minimum tax rules. It notes exemptions for religious groups, targeted-jobs credits, seasonal hand harvest wages exempt from social security, and fuel excise tax relief. Additional details are in IRS Publications 553, 572, and 225.