It created a temporary $30 general tax credit for each taxpayer and dependent.

[1] The EITC gave a tax credit to individuals who had at least one dependent, maintained a household, and had earned income of less than $8,000 during the year.

The minimum standard deduction was temporarily increased to $1,900 (joint returns) for one year.

For one year, the percentage standard deduction was increased to 16 percent of adjusted gross income, up to $2,600 if married filing jointly, $2,300 if single, or $1,300 if married filing separately.

The bill became public law 94–12 when it was signed by President Gerald Ford on March 29, 1975.