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.

referredUnited States· United States Congress· EN

Introduced

28 January 1974

Last action

—

Status

Referred to Senate Committee on Finance.

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.

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Documents

1 official file

Introduced in Senate
summary · EN · 28 January 1974
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/93rd-congress/senate-bill/2906
Open data entity: https://api.congress.gov/v3/bill/93/s/2906