A bill to amend the Internal Revenue Code by increasing the personal exemption from $750 to $850, to provide that a taxpayer may elect to credit in the amount of $250 for each personal exemption to which he is entitled in lieu of taking a deduction for each such exemption, and for other purposes.

Increases the personal exemption under the Internal Revenue Code from $750 to $850. Provides that a taxpayer may elect a credit in the amount of $250 for each personal exemption to which he is entitled in lieu of taking a deduction for each such exemption. Adjusts the percentage withholding requirements under the Internal Revenue Code to correspond with the amendments made by this Act.