A bill to amend the Internal Revenue Code to provide a tax rebate for individuals for 1974 and to provide individuals tax relief for 1975 as a stimulus to increase consumer purchasing power, to promote economic recovery, and to halt the Nation's slide into an economic depression.

Provides a tax credit under the Internal Revenue Code for individuals for taxable year 1974 of the lesser of 2 percent of such individual's adjusted gross income or $264 (1 percent or $132 in the case of a married individual filing a separate return).

Provides such a credit for taxable year 1975 of the lesser of 3 percent of such individual's adjusted gross income or $423 (1.5 percent or $211.50 in the case of a married individual filing a separate return).