Tax Reduction Act of 1975

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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.