Revenue Act

Summary

Revenue Act - Imposes an additional excise tax on gasoline sold by a producer or importer of 20 cents per gallon for gasoline sold before January 1, 1976, and 30 cents per gallon for gasoline sold after that date. Increases the taxes imposed on distilled spirits, cordials and liquers, brandys, wines, beers, cigars, and cigarettes. Provides an income tax credit for taxpayers purchasing gasoline of up to $90, to be computed at the rate of 20 cents per gallon purchased during 1975. States that for taxable years beginning after December 31, 1975, the allowable credit shall be increased to $120, computed at the rate of 30 cents per gallon of gasoline purchased.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 7 February 1975

  Open at official source

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