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| Long title | An Act to reduce individual and business income taxes and to provide tax simplification and reform. |
|---|---|
| Acronyms (colloquial) | TRSA |
| Nicknames | Intergovernmental Anti-recession Assistance Act |
| Enacted by | the 95th United States Congress |
| Effective | May 23, 1977 |
| Citations | |
| Public law | 95-30 |
| Statutes at Large | 91 Stat. 126 |
| Codification | |
| Titles amended | 26 U.S.C.: Internal Revenue Code |
| Legislative history | |
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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.
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
References
- 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
- Carter, Jimmy E. (April 28, 1977). "Budget Deferrals: Message to the Congress - April 28, 1977". Internet Archive. Washington, D.C.: National Archives and Records Service. p. 739.
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