A bill to amend the Internal Revenue Code by increasing the personal exemption from $750 to $1,000, to provide that a taxpayer may elect a credit in the amount of $300 for each personal exemption to which he is entitled in lieu of taking a deduction for each such exemption.

Summary

Increases the personal exemption under the Internal Revenue Code from $750 to $1,000. Provides that a taxpayer may elect a credit in the amount of $300 for each personal exemption to which he is entitled in lieu of taking a deduction for each such exemption. Increases the amounts of the withholding exemptions with respect to the percentage method of withholding income taxes at the source.

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Documents

1 official file

• Introduced in House

  summary · EN · 20 January 1975

  Open at official source

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