Pub. L. 94-12: Mar. 29, 1975

Bill H.R. 2166

§ 3 Tax tables for individuals

§ 3 Pub. L. 94–12 substituted “$15,000” for “$10,000”.

§ 11 Tax imposed

(b) Pub. L. 94–12, § 303(a), reduced the normal tax for a taxable year ending after Dec. 31, 1974, and before Jan. 1, 1976…
(d) Pub. L. 94–12, § 303(b), substituted “$50,000” for “$25,000”.

§ 12 Cross references relating to tax on corporations

§ 12 Pub. L. 94–12 substituted “$50,000” for “$25,000” for a limited period. See Effective and Termination Dates of 1975…

§ 15 Effect of changes

(f) Pub. L. 94–12 added subsec. (f).

§ 32 Earned income

Enacted § 32

§ 37 Overpayments of tax

§ 46 Amount of credit

§ 46 Pub. L. 94–12, § 301(a), designated existing provisions as subpar. (A), substituted “Except as otherwise provided in…
§ 46 Pub. L. 94–12, § 301(b)(2), added par. (6).
§ 46 Pub. L. 94–12, § 301(b)(1), substituted “To the extent that subsection (a)(1)(C) applies to property which is public…
§ 46 Pub. L. 94–12, § 302(b)(1), added par. (4).
§ 46 Pub. L. 94–12, § 302(a), added subsec. (d) and redesignated former subsec. (d) as (e). Former subsec. (e) redesignated…
§ 46 Pub. L. 94–12, §§ 301(b)(3), 302(a), redesignated former subsec. (e) as (f) and in subsec. (f) as so redesignated added…

§ 47 Rehabilitation credit

(a) Pub. L. 94–12, § 302(b)(2)(A), (c)(1), added par. (3), redesignated former par. (3) as (4) and substituted “paragraph…
(a) Pub. L. 94–12, § 302(c)(2), substituted “paragraph (4)” for “paragraph (3)”.

§ 48 Energy credit

(a)(2)(B) Pub. L. 94–12, § 604(a), substituted “territorial waters within the northern portion of the Western Hemisphere” for…
(c)(2)(A) Pub. L. 94–12 § 301(c)(1)(A), substituted “$100,000” for “$50,000”.
(c)(2)(B) Pub. L. 94–12, § 301(c)(1)(A), (B), substituted “$50,000” for “$25,000” and “$100,000” for “$50,000”.
(c)(2)(C) Pub. L. 94–12, § 301(c)(1)(A), substituted “$100,000” for “$50,000”.
(d)(1) (d)(2)(A) Pub. L. 94–12, § 302(c)(3), substituted “section 46(e)(1)” for “section 46(d)(1)”.

§ 243 Dividends received by corporations

(b)(3)(C) Pub. L. 94–12 substituted “$150,000” for “$100,000”.

§ 535 Accumulated taxable income

(c)(2) (c)(3) Pub. L. 94–12 substituted “$150,000” for “$100,000”.

§ 613 Percentage depletion

(b)(1) Pub. L. 94–12, § 501(b)(2)(A), struck out subpar. (A) “oil and gas wells” and redesignated former subpars. (B) and (C)…
(b)(3) (b)(4) Pub. L. 94–12, § 501(b)(2)(B), substituted “(1)(B)” for “(1)(C)” wherever appearing.
(b)(7) Pub. L. 94–12, § 501(b)(2) (B), (C), substituted “(1)(B)” for “(1)(C)” in provisions preceding subpar. (A) and added…
(d) Pub. L. 94–12, § 501(b)(1), substituted provisions denying the percentage depletion allowance in the case of oil and…

§ 613A Limitations on percentage depletion in case of oil and gas wells

Enacted § 613A

§ 703 Partnership computations

(a)(2) Pub. L. 94–12 added subpar. (G).

§ 851 Definition of regulated investment company

(b) Pub. L. 94–12 inserted provisions directing that, for purposes of par. (2), there shall be treated as dividends amounts…

§ 901 Taxes of foreign countries and of possessions of United States

(f) (g) Pub. L. 94–12 added subsec. (f) and redesignated former subsec. (f) as (g).

§ 907 Special rules in case of foreign oil and gas income

Enacted § 907

§ 951 Amounts included in gross income of United States shareholders

(a)(1)(A) Pub. L. 94–12, § 602(a)(3)(B), struck out “except as provided in section 963,” before “his pro rata share”.
(a)(1)(A) Pub. L. 94–12, § 602(c)(3), substituted “(determined under section 955(a)(3) as in effect before the enactment of the…
(a)(1)(A) Pub. L. 94–12, § 602(d)(2)(A), added cl. (iii).
(a)(3) Pub. L. 94–12, § 602(c)(4), (d)(2)(B), substituted “paragraph (i)(A)(iii)” for “paragraph (1)(A)(ii)” and “foreign base…

§ 954 Foreign base company income

(a) Pub. L. 94–12, § 602(d)(1)(A), added par. (4).
(b)(1) Pub. L. 94–12, § 602(c)(1), struck out subsec. (b)(1) which related to the exclusion of certain dividends, interest…
(b)(2) Pub. L. 94–12, § 602(d)(1)(B), substituted “foreign base company shipping income to the extent that the amount of such…
(b)(3) Pub. L. 94–12, § 602(d)(1)(C), (D), (e), substituted “10 percent” for “30 percent” in heading, substituted “paragraphs…
(b)(5) Pub. L. 94–12, § 602(d)(1)(E), substituted “the foreign base company services income, and the foreign base company…
(b) Pub. L. 94–12, § 602(d)(1)(F), added par. (6).
(d)(1) Pub. L. 94–12, § 602(b), provided that for purposes of subsec. (d) personal property does not include agricultural…
(f) (g) Pub. L. 94–12, § 602(c)(2), (d)(1)(G), added subsecs. (f) and (g).

§ 962 Election by individuals to be subject to tax at corporate rates

(c) Pub. L. 94–12 substituted “$50,000” for “$25,000”.

§ 993 Definitions and special rules

(c)(2) Pub. L. 94–12 added subpars. (C) and (D) and provisions following subpar. (D).

§ 1561 Limitation on accumulated earnings credit in the case of certain controlled corporations

(a) Pub. L. 94–12, § 303(c)(1), substituted “$50,000” for “$25,000”.
(a) Pub. L. 94–12, § 304(b), substituted “$150,000” for “$100,000”.

§ 3402 Income tax collected at source

(a) Pub. L. 94–12, § 205(a), substituted provisions directing the Secretary to prescribe new withholding tables setting…
(c)(6) Pub. L. 94–12, § 205(b), substituted “the table for an annual payroll period prescribed pursuant to subsection (a)” for…
(m)(1) Pub. L. 94–12, § 202(b), substituted “the lesser of (i) 16 percent of his estimated wages, or (ii) $2,600 ($2,300 in…

§ 6012 Persons required to make returns of income

(a)(1)(A) Pub. L. 94–12 substituted “(determined by applying section 143), is not a surviving spouse (as defined in section…
(a)(1)(B) Pub. L. 94–12 substituted “The amount specified in clause (i) or (ii) of subparagraph (A) shall be increased by $750”…

§ 6096 Designation by individuals

(b) Pub. L. 94–12 inserted reference to sections 42 and 44.

§ 6201 Assessment authority

(a)(4) Pub. L. 94–12 inserted reference to section 43 in heading and substituted “oil) or section 43 (relating to earned…

§ 6401 Amounts treated as overpayments

(b) Pub. L. 94–12 inserted “43 (relating to earned income credit),” before “and 667(b)” and substituted “, 39, and 43” for…