Tax Reduction and Simplification Act of 1977

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Tax Reduction and Simplification Act of 1977
Great Seal of the United States
Long titleAn Act to reduce individual and business income taxes and to provide tax simplification and reform.
Acronyms (colloquial)TRSA
NicknamesIntergovernmental Anti-recession Assistance Act
Enacted bythe 95th United States Congress
EffectiveMay 23, 1977
Citations
Public law95-30
Statutes at Large91 Stat. 126
Codification
Titles amended26 U.S.C.: Internal Revenue Code
Legislative history

The Tax Reduction and Simplification Act of 1977 was passed by the 95th United States Congress and signed into law by President Jimmy Carter on May 23, 1977.[1]

It replaced the percentage standard deduction and minimum standard deduction with a single standard deduction of $3,200 (joint returns) and temporarily extended the general tax credit (maximum of $35/capita or 2% of $9,000 income) through 1978.

See also[edit]

Congressional Budget and Impoundment Control Act of 1974

References[edit]

  1. ^ Carter, Jimmy E. (May 23, 1977). "Tax and Drought Relief Bills: Remarks on Signing H.R. 3477 and S. 1279 Into Law - May 23, 1977". Internet Archive. Washington, D.C.: National Archives and Records Service. pp. 962–964.

External links[edit]