676 68A Stat. 42 26 USC 151.
68A Stat. 733.
26 USC ^^'
PUBLIC LAW 91-172-DEC. 30, 1969
[83 STAT.
(1) section 151 (relating to allowance of personal exemptions) is amended by striking out "$625" wherever it appears therein and inserting in lien thereof "$650"'; and (2) section 6013(b)(3)(A) (relating to assessment and collection in case of certain returns of husband and wife) is amended by striking out "$625" wherever it appears therein and inserting in lieu thereof "$650",, and by striking out "$1,250" wherever it appears therein and inserting in lieu thereof "$1,300". (c) INCREASE TO $700 FOR 1972.—Effective with respect to taxable years beginning after December 31, 1971, and before January 1, 1973—• (1) section 151 (relating to allowance of personal exemptions) is amended by striking out "$650" wherever it appears therein and inserting in lieu thereof "$700"; and (2) section 6013(b)(3)(A) (relating to assessment and collection in case of certain returns of husband and wife) is amended by striking out "$650" wherever it appears therein and inserting in lieu thereof "$700", and by striking out "$1,300" wherever it appears therein and inserting in lieu thereof "$1,400". (d) INCREASE TO $750 FOR 1973 AND SUBSEQUENT YEARS.—Effective with respect to taxable years beginning after December 31, 1972— (1) section 151 (relating to allowance of personal exemptions) is amended by striking out "$700" wherever it appears therein and inserting in lieu thereof "$750"; and (2) section 6013(b)(3)(A) (relating to assessment and collection in case of certain returns of husband and Avife) is amended by striking out "$700" wherever it appears therein and inserting in lieu thereof "$750", and by striking out "$1,400", wherever it appears therein and inserting in lieu thereof "$1,500". SEC. 802. LOW INCOME ALLOWANCE; INCREASE IN STANDARD DEDUCTION. ^'^^ ^^ GENERAL.—Section 141 (relating to the standard deduction) is amended by striking out subsections (a), (b), and (c) and inserting in lieu thereof the following: " (a) STANDARD DEDUCTION.—Except as otherwise provided in this section, the standard deduction referred to in this title is the larger of the percentage standard deduction or the low income allowance. " (b) PERCVENTAGE STANDARD DEDUCTION.—The percentage standard deduction is an amount equal to the applicable percentage of adjusted gross income shown in the following table, but not to exceed the maximum amount shown in such table (or one-half of such maximum amount in the case of a separate return by a married individual): "Taxable years beginning in— 1970 1971 1972 1973 and thereafter
Applicable percentage
Maximum amount
10 13 14 15
$1,000 1,500 2,000 2.000
" (c) Low INCOME ALLOW^ANCE.—
"(1) IN GENERAL.—The low income allowance is an amount equal to the sum of— " (A) the basic allowance, and " (B) the additional allowance. "(2) BASIC ALLOWANCE.—For purposes of this subsection, the basic allowance is an amount equal to the sum of— " (A) $200, plus " (B) $100, multiplied by the number of exemptions. The basic allowance shall not exceed $1,000.
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