Tax Equalization Act

Tax Equalization Act - Amends the Internal Revenue Code to repeal the tax exempt status of farmers' cooperatives and the special tax treatment of certain other cooperatives. Disallows to cooperatives any deduction for patronage dividends paid by them. Includes patronage dividends within the amount excludible as dividends received by individuals and corporations. Applies such changes to taxable years beginning after 1976, with the new exclusions applying to dividends arising, or received, after 1974.