Antirecession Tax Relief and Reform Act

Summary

Antirecession Tax Relief And Reform Act- Provides for a tax refund under the Internal Revenue Code for taxable year 1974 of $75 to eligible individuals, plus $75 times the number of dependent exemptions claimed by such individual. Reduces the amount of the refund by the ratio of the by which the adjusted gross income of such individual exceeds $25,000 ($50,000 in the case of a joint return). Authorizes a taxpayer to elect a $225 credit against his income tax in lieu of the $750 deduction for each personal exemption. Allows an individual credit against income tax of $80 ($160 in the case of a joint return) plus $80 for each dependent exemption allowed to the taxpayer for the taxable year. Provides for the reduction of such credit in proportion to the amount by which the taxpayer's adjusted gross income exceeds $2,250 bears to $1,000. Increases the low-income allowance from $1,300 to $2,000 ($650 to $1,000 in the case of a married individual filing separately). Increases the investment credit allowable.

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1 official file

• Introduced in Senate

  summary · EN · 28 January 1975

  Open at official source

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