A bill to amend the Internal Revenue Code of 1954 to provide for income averaging in the event of downward fluctuations in income.

Summary

Establishes a formula for income averaging under the Internal Revenue Code in the event of a downward fluctuation in income. Provides that if an eligible individual has reduced income for the computation year and the amount of such income exceeds $3,000, then the tax imposed under the Internal Revenue Code for the computation year shall be the tax which would be imposed on 80 percent of the average base period income, minus five times the decrease in such tax which would result from subtracting 20 percent of reduced income from 80 percent of average base period income.

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Timeline

1. 30 January 1974

   Introduced

   Introduced in House

   Source: IntroReferral

2. 30 January 1974

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

3. 30 January 1974

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 30 January 1974

  Open at official source

Sponsors

• Rep. Stanton, James V. [I-OH-20] · I · Sponsor
• Rep. Rostenkowski, Dan [D-IL-8] · D · Cosponsor
• Rep. Thompson, Frank, Jr. [D-NJ-4] · D · Cosponsor
• Rep. Tiernan, Robert O. [D-RI-2] · D · Cosponsor
• Rep. Treen, David C. [R-LA-3] · R · Cosponsor
• Rep. Waldie, Jerome R. [D-CA-14] · D · Cosponsor
• Rep. White, Richard C. [D-TX-16] · D · Cosponsor
• Rep. Whitehurst, G. William [R-VA-2] · R · Cosponsor
• Rep. Wilson, Charles H. [D-CA-31] · D · Cosponsor
• Rep. Winn, Larry, Jr. [R-KS-3] · R · Cosponsor
• Rep. Yatron, Gus [D-PA-6] · D · Cosponsor
• Rep. Young, Andrew [D-GA-5] · D · Cosponsor
• Rep. Wolff, Lester L. [D-NY-6] · D · Cosponsor
• · hswm00 · Standing

Related records

• related to → A bill to amend the Internal Revenue Code of 1954 to provide for income averaging in the event of downward fluctuations in income.