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]
Quick Facts Long title, Acronyms (colloquial) ...
Tax Reduction and Simplification Act of 1977 |
| Long title | An Act to reduce individual and business income taxes and to provide tax simplification and reform. |
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| Acronyms (colloquial) | TRSA |
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| Nicknames | Intergovernmental Anti-recession Assistance Act |
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| Enacted by | the 95th United States Congress |
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| Effective | May 23, 1977 |
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| Public law | 95-30 |
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| Statutes at Large | 91 Stat. 126 |
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| Titles amended | 26 U.S.C.: Internal Revenue Code |
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- Introduced in the House as H.R. 3477 by Al Ullman (D–OR) on February 16, 1977
- Committee consideration by House Ways and Means, House Appropriations, Senate Finance
- Passed the House on March 8, 1977 (282-131, in lieu of H.Res. 360)
- Passed the Senate on April 29, 1977 (73-7)
- Reported by the joint conference committee on May 6, 1977; agreed to by the House on May 16, 1977 (252-134) and by the Senate on May 16, 1977 (Agreed)
- Signed into law by President Jimmy Carter on May 23, 1977
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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.
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