Tax Reduction Act of 1975
The United States 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 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, 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 Gerald Ford on March 29, 1975.

Gerald Ford was President when this law was passed.
Q30
United States
LOC
Q7598340
standard deduction
UNK
Q4683209
adjusted gross income
Concept
Q11696
President
Concept
Q9582
Gerald Ford
PER
Q7689389
Tax Reduction Act of 1975
TIME
1975-01-01T00:00:00Z^^http://www.w3.org/2001/XMLSchema#dateTime
1975
DATE
1974-01-01T00:00:00Z^^http://www.w3.org/2001/XMLSchema#dateTime
1974
DATE
1976-01-01T00:00:00Z^^http://www.w3.org/2001/XMLSchema#dateTime
1976
DATE
1975-03-29T00:00:00Z^^http://www.w3.org/2001/XMLSchema#dateTime
March 29, 1975
DATE
+10^^http://www.w3.org/2001/XMLSchema#decimal
10
NUMBER
+200^^http://www.w3.org/2001/XMLSchema#decimal
200
NUMBER
+30^^http://www.w3.org/2001/XMLSchema#decimal
30
NUMBER
+10^^http://www.w3.org/2001/XMLSchema#decimal
10
NUMBER
+1.900^^http://www.w3.org/2001/XMLSchema#decimal
1,900
NUMBER
+16^^http://www.w3.org/2001/XMLSchema#decimal
16
NUMBER
+2.600^^http://www.w3.org/2001/XMLSchema#decimal
2,600
NUMBER
+2.300^^http://www.w3.org/2001/XMLSchema#decimal
2,300
NUMBER
+1.300^^http://www.w3.org/2001/XMLSchema#decimal
1,300
NUMBER
+94^^http://www.w3.org/2001/XMLSchema#decimal
94
NUMBER
+12^^http://www.w3.org/2001/XMLSchema#decimal
12
NUMBER
country
signatory
position held