The
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...
Tax Reduction Act of 1975 provided a 10-percent rebate on 1974 tax liability ($200 cap). It created a temporary $30 general tax credit for each taxpayer and dependent.
The investment tax credit was temporarily increased to 10 percent through 1976.
The minimum
standard deduction
Under United States tax law, the standard deduction is a dollar amount that non- itemizers may subtract from their income before income tax (but not other kinds of tax, such as payroll tax) is applied. Taxpayers may choose either itemized deducti ...
was temporarily increased to $1,900 (joint returns) for one year.
For one year, the percentage standard deduction was increased to 16 percent of
adjusted gross income
In the United States income tax system, adjusted gross income (AGI) is an individual's total gross income minus specific deductions. It is used to calculate taxable income, which is AGI minus allowances for personal exemptions and itemized deduc ...
, up to $2,600 if married filing jointly, $2,300 if single, or $1,300 if married filing separately.
The bill became public law 94–12 when it was signed by
President
President most commonly refers to:
*President (corporate title)
*President (education), a leader of a college or university
*President (government title)
President may also refer to:
Automobiles
* Nissan President, a 1966–2010 Japanese ful ...
Gerald Ford
Gerald Rudolph Ford Jr. ( ; born Leslie Lynch King Jr.; July 14, 1913December 26, 2006) was an American politician who served as the 38th president of the United States from 1974 to 1977. He was the only president never to have been elected ...
on March 29, 1975.
External links
*
{{US_tax_acts
United States federal taxation legislation
1975 in law