State Tax, Education and Welfare Act

[AI summary unavailable — showing source text] State Tax, Education and Welfare Act - Permits taxpayers in qualified States to claim a credit against Federal income tax for 40 percent of the net cost of State income taxes and State general sales taxes not to exceed such tax reduced by the credits allowable under the provisions relating to tax withheld on tax-free covenant bonds, to the foreign tax credit, and to partially tax exempt interest. Provides for: (1) an increase of State control of tax resources; (2) State responsibility for major educationl and welfare programs; and (3) the authorization of the use of Federal income tax credits to accomplish these objectives.…