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Provisions of tax refunds explained and credits outlined
The $24.8 billion tax cut bill includes 10 percent rebates on 1974 taxes up to $200, phased by income with a minimum of $100. A $30 per person family tax credit adds to exemptions, while increased standard deductions and child care deductions apply. Other measures include unemployment benefits, home purchase credits, Keogh plan rules, investment credits, corporate tax rate changes, and oil gas depletion adjustments with multiple year phase-ins and per-country limits. The IRS will mail the first rebate checks May 12 with a six week rollout, and some credits affect 1975 tax bills due in 1976.
MENTIONED IN THIS ARTICLE
Internal Revenue Service
Washington
UPI
Ford
U.S
Bahamas