Tax Reform and Relief Act

[AI summary unavailable — showing source text] Tax Reform and Relief Act - Title I: Tax Relief for Low-and Middle-Income Taxpayers - States that at the election of the taxpayer, for taxable years beginning after December 31, 1974, there shall be allowed, as a credit, an amount equal to $175 multiplied by the number of exemptions to which the taxpayer is entitled under section 151 of the Internal Revenue Code. Requires that such credit shall not exceed the tax imposed for the taxable year. Sets forth a special rule for exemptions for the taxable year 1974. Provides that there shall be allowed to a taxpayer who is an eligible individual as a credit an amount equal to a specified percentage of the social security taxes imposed on him and his employer with respect to wages received by the taxpayer during that year. States that the amount of the credit allowable to a taxpayer shall not exceed an amount equal to 10 percent of so much of his wages as does not exceed $4,000 received by that individual during that year with respect to employment, and that the amount of the credit shall be reduced by one-fourth of the amount by which a taxpayer's income exceeds $4,000. Provides that a taxpayer may receive an advance refund of the credit …