Tax Reduction Act of 1975
The United States Tax Reduction Act of 1975 provided a 10 percent rebate on 1974 tax liability ($200 cap) and created a temporary $30 general tax credit for each taxpayer and dependent.
The investment tax credit was temporarily increased to 10 percent through 1976.
The minimum standard deduction was temporarily increased to $1,900 (joint returns) for one year. The percentage standard deduction was increased to 16%, also for one year.