Page:United States Statutes at Large Volume 91.djvu/160

 91 STAT. 126

PUBLIC LAW 95-30—MAY 23, 1977

Public Law 95-30 95th Congress An Act May 23, 1977 [H.R. 3477]

Tax Reduction and Simplification Act of 1977. 26 USC 1 note.

To reduce individual and business income taxes and to provide tax simplification and reform.

Be it enacted by the Senate and House of Representatives United States of America in Congress assembled,

of the

SECTION 1. SHORT TITLE; TABLE OF CONTENTS. (a) SHORT TITLE. — T h i s Act may be cited as the " T a x Reduction

and Simplification Act of 1977". (b) T A B L E OF C O N T E N T S. —

Sec. 1. Short title; table of contents. Sec. 2. Amendment of 1954 Code. TITLE I—REDUCTION AND SIMPLIFICATION OF INDIVIDUAL INCOME TAXES Sec. 101. Change in tax rates and tax tables to reflect permanent increase in standard deduction. Sec. 102. Change in definition of taxable income to reflect change in tax rates and tables. Sec. 103. Extension of individual income tax reductions. Sec. 104. Change in filing requirements. Sec. 105. Withholding tax. Sec. 106. EflEective dates. TITLE II—REDUCTION IN BUSINESS TAXES Sec. 201. Extension of certain corporate income tax reductions. Sec. 202. New jobs credit. TITLE III—PROVISIONS RELATING TO EFFECTIVE DATES AND OTHER PROVISIONS OF THE TAX REFORM ACT OF 1976 Sec. 301. Effective date of changes in the exclusion for sick pay. Sec. 302. Changes in treatment of income earned abroad by United States citizens living or residing abroad. Sec. 303. Underpayments of estimated tax. Sec. 304. Underwithholding. Sec. 305. Interest on underpayments of tax. Sec. 306. Use of residence as day care facility. Sec. 307. State legislators' travel expenses av^^ay from home. Sec. 308. Treatment of intangible drilling costs for purposes of the minimum tax. Sec. 309. Transfers of partial interests in property for conservation purposes. TITLE IV—MISCELLANEOUS PROVISIONS Sec. 401. Authorization of additional appropriations for the work incentive program. Sec. 402. Rapid amortization of child care facilities. Sec. 403. Election of former retirement income credit provisions for 1976. Sec. 404. Postponement of effective date of changes made by the Tax Reform Act of 1976 in the method of accounting for certain corporations engaged in farming. Sec. 405. Withholding tax on certain gambling winnings. Sec. 406. Termination of 1975 special payments to certain individuals. Sec. 407. Payments to the governments of American Samoa, Guam, and the Virgin Islands. Sec. 408. Withholding of county income tax on Federal employees.

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