Tax Relief Act

Summary

Tax Relief Act - Revises the Internal Revenue Code to increase the low income allowance to $2,000, and the personal exemption to $850. Allows as a credit against the income tax an amount equal to 1.5 percent of the amount of wages up to $14,100 received by an eligible individual during the taxable year subject to social security taxes. Permits a taxpayer to receive an advance refund of the credit allowable under this Act based on the amount of social security taxes paid by the taxpayer during the quarter. Increases the investment tax credit to 10 percent of the qualified investment property. Requires the Secretary of the Treasury to pay to each eligible individual who files a tax return within calendar year 1974 an amount equal to the greater of 12 percent of the tax liability for such year or $100, but not in excess of $250. Reduces the amount of refund over $50 by a ratio determined by the amount by which the adjusted gross income of the individual exceeds $20,000.

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1 official file

• Introduced in Senate

  summary · EN · 3 March 1975

  Open at official source

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