A bill to amend the Internal Revenue Code of 1954 to permit taxpayers to utilize the deduction for personal exemptions as under present law or to claim a credit against tax of $200 for each such exemption.

Allows an individual, under the Internal Revenue Code, a credit against tax of $200 multiplied by the number of personal exemptions he is entitled to for the taxable year. Provides that such election to take a credit in lieu of a deduction for exemptions shall apply with respect to taxable years beginning after December 31, 1973.