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The definition of taxable income no longer includes personal and additional


exemptions

NIRC TRAIN LAW

SECTION 31. Taxable Income Defined. — The SECTION 8. Section 31 of the NIRC, as
term 'taxable income' means the pertinent items of amended, is hereby further amended to read as
gross income specified in this Code, less the follows:
deductions and/or personal and additional
exemptions, if any, authorized for such types of "SEC. 31. Taxable Income Defined. — The
income by this Code or other special laws term 'taxable income' means the pertinent
items of gross income specified in this
Code, less deductions, if any, authorized
for such types of income by this Code or
other special laws."

In the old law,

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