LOW INCOME ALLOWANCE.

SEC. 203. LOW INCOME ALLOWANCE. (a) Examination of Phaseout for 1971.—Effective with respect to taxable years beginning after December 31, 1970, and before January 1, 1972, section 141(c) (relating to low-income allowance) is amended to read as follows: “(c) Low Income Allowance—The low-income allowance is $1,050 ($525 in the case of a married individual filing a separate return).” (b) Increase of Low-Income Allowance for 1972 and There-after—Effective with respect to taxable years beginning after December 31, 1971, section 141(c) (relating to low-income allowance) is amended to read as follows: “(c) Low Income Allowance—The low-income allowance is $1,300 ($650 in the case of a married individual filing a separate return).” (c) Technical Amendment—Section 802(e) of the Tax Reform Act of 1969 is hereby repealed.