Description: TO PASS H.R. 5559, THE REVENUE ADJUSTMENT ACT (EXTENDING THE PROVISIONS OF THE TAX REDUCTION ACT FOR 6 MONTHS) THE OBJECTIONS OF THE PRESIDENT NOTWITHSTANDING
Bill summary: (Conference report filed in House, H. Rept. 94-739)
Revenue Adjustment Act - Provides, under the Tax Reduction Act of 1975, that from January 1, 1976, through June 30, 1976, the minimum standard deduction (low-income allowance) shall be $1,500 for single persons and $1,700 for joint returns. Authorizes for such period that the percentage standard deduction shall be 16 percent, to a maximum of $2,200 for single persons and $2,400 for joint returns.
Approves for such period an earned income
credit equal to five percent of the first $4,000 of earnings for the taxable year.
Provides that any refund of Federal income taxes made to any individual under such provisions relating to earned income credit shall not be taken into account as income or receipts for purposes of determining the eligibility of individuals under Federal assistance programs.
Allows an income tax credit for such period of one percent of income not exceeding $4,500, or $17.50.
Sets the corporate normal tax for such period at 21 percent of taxable income not exceeding $25,000, and 22 percent of taxable income exceeding the $25,000 surtax exemption and 26 percent of taxable income exceeding $50,000. Sets the surtax exemption at $25,000 from January 1, 1976 through June 30 1976.
Applies the withholding tax tables for the period January 1, 1976, through June 30, 1976, which were in effect on December 10, 1975.
Grants an income exclusion for earnings derived from payments by a common carrier for the use on a temporary basis of railroad rolling stock owned by a corporation of a foreign country which grants an equivalent exemption to corporations organized in the United States.
Click to hide full description.
Bill titles: A bill to amend section 883 (a) of the Internal Revenue Code to provide for exclusion of income from the temporary rental of railroad rolling stock of foreign corporations.
Original source documents: Digest of the Congressional Record vol. 121-188, p. H12916;
Links for more info on the vote: congress.gov