A bill to amend the Internal Revenue Code of 1954 and the Social Security Act to provide income and payroll tax relief to low-income and moderate-income taxpayers.

Summary

Provides for increases in the standard deduction and low income allowances under the Internal Revenue Code. Allows a limited income exemption for self-employment income up to the sum of the amount of personal exemptions to which the taxpayer is entitled plus a low-income allowance of $1,800 per household, or $900 in the case of a married individual filing a separate return. Prescribes the method of computation of the annual limited income exclusion. Requires an employee claiming an exemption under this Act to certify to his employer and to the Secretary of the Treasury the information necessary for computation of the limited income exclusion.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

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 · 27 March 1974

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.