Emergency Tax Relief Act

Summary

Emergency Tax Relief Act- Increases the percentage standard deduction under the Internal Revenue Code by 2 percent (to 17 percent) up to a maximum of $2500 for taxable years 1975 and thereafter. Increases the low-income allowance to $1800 ($900 in the case of a married individual filing separately). Increases the amount of the personal exemption from $750 to $900. Increases the amounts of withholding exemptions applicable to the percentage method of withholding for the purpose of collecting income taxes at the source. Allows a taxpayer who maintains a household in the United States which is his principal place of abode a credit in the amount of 1.5 percent of his wages subject to social security taxes up to a maximum credit of $211.50. Allows advance refund of such credit quarterly by filing an election with the Secretary of the Treasury. Increases the investment credit from 7 percent to 10 percent.

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1 official file

• Introduced in Senate

  summary · EN · 16 January 1975

  Open at official source

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