For taxable years that begin after December 31, 2000: 1.
(1)#
A personal exemption of $700 if the taxpayer is required to file a return under s. 71.03 (2) (a) 1. or 2. and $700 for the taxpayer’s spouse, except if the spouse is filing separately or as a head of household.
(2)#
An exemption of $700 for each dependent, as defined under section 152 of the Internal Revenue Code, of the taxpayer.
(3)#
An additional exemption of $250 if the taxpayer has reached the age of 65 before the close of the taxable year to which his or her tax return relates and $250 for the taxpayer’s spouse if he or she has reached the age of 65 before the close of the taxable year to which his or her tax return relates, except if the spouse is filing separately or as a head of household.