A bill to amend the Internal Revenue Code of 1954 to provide individuals a credit against income tax for amounts paid or incurred for certain State and local individual income taxes and to repeal the deduction for State and local general sales taxes.

Summary

Amends the Internal Revenue Code to allow a credit against the tax liability of an individual equal to 70 percent of the State and local income taxes paid by such individual in a taxable year. Limits the allowable credit to 25 percent of such individual's tax liability. Disallows tax deductions for State and local individual income taxes and for State and local general sales taxes.

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Documents

1 official file

• Introduced in House

  summary · EN · 7 June 1978

  Open at official source

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