The United States Tax Reduction Act of 1975 provided a 10 percent rebate on 1974 tax liability ($200 cap) and 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. The percentage standard deduction was increased to 16%, also for one year.
The bill became public law 94-12 on March 29, 1975 when it was signed by President Gerald Ford.
Inflation-adjusted numbers
Corrected for inflation by CPI:
| 1975 dollars | 2005 dollars |
|---|---|
| $30 | $109 |
| $200 | $726 |
| $1,900 | $6,897 |
|
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