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.21 Loan Limits on Agricultural Bonds. For calendar year 2016, the loan limit amount on agricultural bonds under § 147(c)(2)(A) for first-time farmers is $520,000. .22 General Arbitrage Rebate Rules. For bond years ending in 2016, the amount of the computation credit determined under the permission to rely on § 1.148-3(d)(4) of the proposed Income Tax Regulations is $1,650. .23 Safe Harbor Rules for Broker Commissions on Guaranteed Investment Contracts or Investments Purchased for a Yield Restricted Defeasance Escrow. For calendar year 2016, under § 1.148-5(e)(2)(iii)(B)(1), a broker’s commission or similar fee for the acquisition of a guaranteed investment contract or investments purchased for a yield restricted defeasance escrow is reasonable if (1) the amount of the fee that the issuer treats as a qualified administrative cost does not exceed the lesser of (A) $39,000, and (B) 0.2 percent of the computational base (as defined in § 1.148-5(e)(2)(iii)(B)(2)) or, if more, $4,000; and (2) the issuer does not treat more than $110,000 in brokers’ commissions or similar fees as qualified administrative costs for all guaranteed investment contracts and investments for yield restricted defeasance escrows purchased with gross proceeds of the issue. .24 Personal Exemption. (1) For taxable years beginning in 2016, the personal exemption amount under § 151(d) is $4,050. (2) Phaseout. For taxable years beginning in 2016, the personal exemption phases out for taxpayers with the following adjusted gross income amounts:

AGI – Beginning AGI – Completed Filing Status of Phaseout Phaseout