We don’t have a summary available yet.
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
8/7/1974--Public Law. (LATEST SUMMARY) Exempts from the import duty specified equipment and repairs for vessels operated by or for any agency of the United States where the entries were made in connection with vessels arriving before January 5, 1971. Revises, under the Internal Revenue Code of 1954, the retirement income tax credit. Allows an income tax credit equal to 15 percent of the retirement income received by the husband and wife during the taxable year. Specifies the individuals eligible to receive the credit. Provides that for single persons the tax credit shall be based on retirement income not exceeding $2,500 and for a married couple both over 65, the credit shall be based on $3,750. Makes limitations upon the amount of retirement income which may be taken into account for the purposes of receiving a retirement income credit. States that the credit shall apply to taxable years after December 31, 1973. Revises the Social Security Act by allowing reimbursement of State and local governments for Interim Assistance Payments provided aged, blind and disabled individuals waiting for eligibility determinations for supplemental security income. Extends for nine months the program allowing an additional 13 weeks of payment of unemployment benefits under the Federal-State Extended Unemployment Compensation Act of 1970. Revises the Social Security Act by providing for automatic increases in Federal supplementary security income benefits for the aged, blind, and disabled at the same percentage as cost-of-living increases for social security recipients. Revises the Social Security Act by extending for 3 years the requirement of increased payments to States under medicaid plans for compensation or training of inspectors of long-term care institutions. Extends for 1 year the National Science Foundation study of supervisory positions in teaching hospitals. Requires the staff of the Joint Committee on Internal Revenue Taxation to conduct a study and investigation of the operation and effect of the Renegotiation Act of 1951 with a view to determining whether such Act should be extended beyond December 31, 1975.