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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
10/26/1974--Public Law. (LATEST SUMMARY) Suspends until the close of June 30, 1975, the duty on specified carboxymethyl cellulose sodium salts. Revises the Internal Revenue Code by extending the time allowed charitable remainder trusts to conform to the requirements of the Tax Reform Act for purposes of an estate tax deduction. Revises the Internal Revenue Code by allowing writers of lease guarantee insurance and insurance guaranteeing the debt service of municipal bond issues to deduct additions to their contingency reserves in accordance with the treatment of such additions currently provided for mortgage guaranty insurance. Excludes from gross income, under the Internal Revenue Code, funds received under the Armed Forces health professions scholarship program. Allows penalties incurred from premature withdrawal of funds from time certificate savings accounts to be deducted in calculating gross income under the Internal Revenue Code.