(a) For tax years ending before January 1, 1996, a resident shall be allowed an exemption of $1,250 for each exemption to which that resident is entitled for the taxable year for federal income tax purposes. Resident persons age 60 or over shall be allowed one additional personal exemption. (b) For tax years beginning after December 31, 1995, resident individuals shall be allowed a personal credit against the individual's tax otherwise due under this chapter in the amount of: (1) $110 for each personal exemption to which such individual is entitled for the taxable year for federal income tax purposes; plus (2) An additional $110 in the case of each resident person age 60 or over. (c) In no event shall the credit allowed under subsection (b) of this section exceed the tax otherwise due under this chapter.
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