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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Dec 17, 1974.
Cost of Living Adjustment Act - Provides a tax credit, under the Internal Revenue Code, the amount of which shall be the amount of income tax payable by a taxpayer multiplied by the percentage increase in the Consumer Price Index for the taxable year over that of the previous taxable year. Provides that the amount of the deduction for personal exemptions, the low income allowance, and the standard deduction are increased by the percentage by which the Consumer Price Index exceeds that of the previous taxable year.
