A bill to amend the Internal Revenue Code of 1954 to permit taxpayers to utilize the deduction for personal exemptions as under present law or to claim a credit against tax of $200 for each such exemption.

Summary

Allows an individual, under the Internal Revenue Code, a credit against tax of $200 multiplied by the number of personal exemptions he is entitled to for the taxable year. Provides that such election to take a credit in lieu of a deduction for exemptions shall apply with respect to taxable years beginning after December 31, 1973.

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

Timeline

1. 28 January 1974

   Introduced

   Referred to Senate Committee on Finance.

   Source: IntroReferral

2. 28 January 1974

   Introduced

   Introduced in Senate

   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 Senate

  summary · EN · 28 January 1974

  Open at official source

Sponsors

• Sen. Mondale, Walter F. [D-MN] · D · Sponsor
• Sen. Humphrey, Hubert H. [D-MN] · D · Cosponsor
• Sen. Clark, Dick [D-IA] · D · Cosponsor
• Sen. Hughes, Harold E. [D-IA] · D · Cosponsor
• Sen. Johnston, J. Bennett [D-LA] · D · Cosponsor
• Sen. Ribicoff, Abraham A. [D-CT] · D · Cosponsor
• Sen. Moss, Frank E. [D-UT] · D · Cosponsor
• Sen. Hatfield, Mark O. [R-OR] · R · Cosponsor
• Sen. Cannon, Howard W. [D-NV] · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → A bill to amend the Internal Revenue Code of 1954 to permit taxpayers to utilize the deduction for personal exemptions as under present law or to claim a credit against tax of $200 for each such exemption.