PUBLIC LAW 95-600—NOV. 6, 1978
92 STAT. 2763
Public Law 95-600 95th Congress An Act To amend the Internal Revenue Code of 1954 to reduce income taxes, and for other purposes.
Nov. 6, 1978 [H.R. 13511]
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, Revenue Act of SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
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(a) SHORT TITLE.—This Act may be cited as the "Revenue Act of 26 USC i note. 1978". (b) TABLE OF CONTENTS.— Sec. 1. Short title; table of contents. Sec. 2. Amendment of 1954 Code. Sec. 3. Policy with respect to additional tax reductions. TITLE I-PROVISIONS PRIMARILY AFFECTING INDIVIDUAL INCOME TAX Subtitle A—Tax Reductions and Extensions Sec. 101. Widening of brackets; rate cuts in certain brackets; increase In zero bracket amounts. Sec. 102. Personal exemptions increased to $1,000. Sec. 103. Earned income credit made permanent. Sec. 104. Increase in and simplification of the earned income tax credit. Sec. 105. Advance payment of earned income credit. Sec. 106. Application of certain changes in the case of fiscal year taxpayers. Subtitle B—Itemized Deductions Sec. 111. Repeal of nonbusiness deduction for State and local taxes on gasoline and other motor fuels. Sec. 112. Unemployment compensation. Subtitle C—Credits Sec. 121. Payments to related individuals under child care credit. Subtitle D—Deferred Compensation PART I—DEFERRED COMPENSATION PROVISIONS
Sec. 131. Deferred compensation plans with respect to service for State and local governments. Sec. 132. Certain private deferred compensation plans. Sec. 133. Clarification of deductibility of payments of deferred compensation, etc., to independent contractors. Sec. 134. Tax treatment of cafeteria plans. Sec. 135. Certain cash or deferred arrangements. PART II—EMPLOYEE STOCK OWNERSHIP PLANS
Sec. 141. ESOPS. Sec. 142. Certain lump sum distributions excluded from gross estate where recipient elects not to apply 10-year averaging. Sec. 143. Qualified plans required to pass through voting rights on employer securities.
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