Page:United States Statutes at Large Volume 85.djvu/541

 85 STAT. ]

PUBLIC LAW 92-178-DEC. 10, 1971

511

(c) TECHNICAL AMENDMENT.—Subsections (c) and (d) of section Repeal. 801 of the Tax Reform Act of 1969 are hereby repealed. 83 st^«^- f^s. SEC. 202. INCREASE IN PERCENTAGE STANDARD DEDUCTION. 6013. Effective with respect to taxable years beginning after December 31, 1971, the last two lines in the table in section 141(b) (relating to per- ^^ Stat. 67«5. centage standard deduction) are amended to read as follows: "1972 and thereafter SEC. 203. LOW INCOME ALLOWANCE.

15

2, 000".

(a) ELIMINATION OF PHASEOUT FOR 1971.—Effective with respect to taxable years beginning after December 31, 1970, and before January 1, 1972, section 141(c) (relating to low income allowance) is amended to read as follows: "(c)

Low INCOME ALLOWANCE.—The low income allowance is

$1,050 ($525 in the case of a married individual filing a separate return)." (b)

INCREASE OF Low

INCOME ALLOWANCE FOR 1972 AND THERE-

AFTER.—Effective with respect to taxable years beginning after December 31, 1971, section 141(c) (relating to low income allowance) is amended to read as follows: "(c) Low INCOME ALLOWANCE.—The low income allowance is

$1,300 ($650 in the case of a married individual filing a separate return)." (c) TECHNICAL AMENDMENT.—Section 802(e) of the Tax Reform Act of 1969 is hereby repealed. SEC. 204. FILING REQUIREMENTS. (a) IN GENERAL.—Effective with respect to taxable years beginning after December 31, 1971, section 6012(a)(1) (relating to persons required to make returns of income) is amended— (1) by striking out "$600" each place it appears and inserting in lieu thereof "$750"; (2) by striking out "$1,700" each place it appears and inserting in lieu thereof "$2,050"; (3) by striking out "$2,300" each place it appears and inserting in lieu thereof "$2,800"; and (4) by inserting after subparagraph (B) the following new subparagraph: " (C) Every individual having for the taxable year a gross income of $750 or more and to whom section 141(e) (relating to limitations in case of certain dependent taxpayers) applies;". (b) TECHNICAL AMENDMENT.—Section 941(d) of the Tax Reform Act of 1969 is hereby repealed. SEC. 205. CERTAIN FISCAL YEAR TAXPAYERS. Section 21 (relating to effect of changes) is amended by adding at the end thereof the following new subsection: "(e) CHANGES MADE BY REVENUE ACT OF 1971. — I n applying subsection (a) to a taxable year of an individual which is not a calendar year, each change made by the Revenue Act of 1971 in section 141 (relating to the standard deduction) and section 151 (relating to personal exemptions) shall be treated as a change in a rate of tax." SEC. 206. ELECTION OF STANDARD DEDUCTION. Effective with respect to taxable years beginning after December 31, 1970, section 144 (relating to election of standard deduction) is amended by striking out "$5,000" each place it appears and inserting in lieu thereof "$10,000".

^^^fsp'

26 USC 141.

s3 Stat. 726.

P°^^' P* ^20. ga^^^a^* 72,26 usV 60]'2 "°'*g,^!'^ ^*^*' ^^'

Supra; Poat, ^'^nte p. sio.

^^A Stat. AU

78 Stat. 24, 110.

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