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 - Amends the Internal Revenue Code to require annual cost of living adjustments, based on the Consumer Price Index, to: (1) individual income tax rates; (2) the corporate surtax exemption; (3) the standard deduction; (4) personal income tax exemptions; (5) depreciation allowances; (6) the adjusted basis of capital assets for purposes of computing capital gain or loss; and (7) interest on government savings bonds and certificates.
Became Public Law No: 97-34.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
See H.R.4242.
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