A bill to amend the Internal Revenue Code of 1954 to allow individuals a tax credit to offset increases in the cost of living and to provide for annual adjustments in the amount of personal exemptions and the amount of the standard deduction to reflect increases in the cost of living.
Cost of Living Adjustment Act - Provides a tax credit, under the Internal Revenue Code, the amount of which shall be the amount of income tax payable by a taxpayer multiplied by the percentage increase in the Consumer Price Index for the taxable year over that of the previous taxable year.
Provides that the amount of the deduction for personal exemptions, the low income allowance, and the standard deduction are increased by the percentage by which the Consumer Price Index exceeds that of the previous taxable year.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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