A bill to amend the Internal Revenue Code by increasing the personal exemption from $750 to $1,000, to provide that a taxpayer may elect a credit in the amount of $300 for each personal exemption to which he is entitled in lieu of taking a deduction for each such exemption.

Increases the personal exemption under the Internal Revenue Code from $750 to $1,000.

Provides that a taxpayer may elect a credit in the amount of $300 for each personal exemption to which he is entitled in lieu of taking a deduction for each such exemption. Increases the amounts of the withholding exemptions with respect to the percentage method of withholding income taxes at the source.