A bill to amend the Internal Revenue Code of 1954 and certain other provisions of law to provide for automatic cost-of-living adjustments in the income tax rates, the amount of the standard, personal exemption, and depreciation deductions, and the rate of interest payable on certain obligations of the United States.
Cost-of-Living Adjustment Act - Provides, under the Internal Revenue Code, for automatic cost-of-living adjustments, based on the Consumer Price Index, in: (1) the income tax rates; (2) the amount of standard deductions; (3) the amount of personal exemptions; (4) the amount of depreciation deductions; and (5) the adjusted basis for property. Makes cost-of-living adjustments in specified United States savings bonds and certificates and on other obligations of the United States.
Referred to House Committee on Ways and Means.
Introduced in Senate
Referred to Senate Committee on Finance.
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