Tax Reduction Act

[AI summary unavailable — showing source text] Tax Reduction Act - Title I: Refund of 1974 Individual Income Taxes - Provides for a refund of a percentage of the income tax paid by the taxpayer for 1974 based on his or her total liability for income tax for such year. Title II: Certain Changes In Business Taxes - Increases the investment credit under the Internal Revenue Code from 7 to 10 percent of the qualified investment effective for property constructed or acquired after January 22, l975. Provides that the increase in investment credit benefits for public utilities may not exceed $100,000,000. Allows the investment credit to be utilized with respect to property the construction of which will take more than 2 years. Increases the corporate surtax exemption from $25,000 to $50,000.…