A bill to provide a 1-year continuation of certain tax reductions enacted by the Tax Reduction Act of 1975.

[AI summary unavailable — showing source text] Provides a one-year continuation of individual income tax reduction, (low-income allowance, percentage standard deduction, and personal exemptions) the 1975 change in corporate tax rates, and the increase in the corporate surtax exemption enacted by the Tax Reduction Act of 1975.…