Tax Policy Review Act
Latest action. Referred to House Committee on Ways and Means.
Tax Policy Review Act - Title I: Provisions to Terminate on January 1, 1975 - Provides that the following provisions of the Internal Revenue Code of 1954 shall terminate on January 1, 1975: (1) the $30,000 exemption and deduction of regular income taxes for the minimum tax on tax preferences, (2) treatment of group-term life insurance purchased for employees, (3) exclusion from gross income of $5,000 employee's death benefit, (4) exemption from tax of $100 of dividends received by individuals, (5) treatment of loss from certain nonbusiness guaranties, (6) twenty-percent variation under the asset depreciation range system, (7) capital gain treatment for lump-sum distribution from pension funds, (8) treatment of employee stock options, (9) tax exemption of credit unions and mutual insurance funds for certain financial institutions, (10) treatment of bad debt reserves of banks and other financial institutions, (11) percentage depletion for oil, gas, and other minerals, (12) capital gain for timber, coal, and iron ore royalties, (13) exclusion of gross-up on dividends of less developed countries corporations, (14) exemption of earned income from foreign sources, (15) alternative tax on capital gains, (16) rules for recapture of depreciation on sale at gain of real property, and (17) special exemptions for excess deductions account for farm losses. Title II: Provisions to Terminate on January 1, 1976 - Provides that the following provisions of the Internal Revenue Code of 1954 shall terminate on January 1, 1976: (1) exclusion from gross income of amounts received as sick pay, (2) deduction of nonbusiness interest and taxes, (3) fast depreciation methods, (4) deduction of research and experimental expenditures, (5) deduction of soil and water conservation expenditures, (6) additional first-year depreciation allowance, (7) deduction of expenditures for clearing land, (8) amortization of railroad grading and tunnel bores, (9) deduction of intangible drilling and development costs, (10) deduction of development expenditures in the case of mines, (11) tax exemption for ships under foreign flag, (12) special deduction for a Western Hemisphere trade corporation, (13) exemption of income from sources within possessions of United States, (14) exclusion from subpart F income of shipping profits and certain dividends, interest, and gains, (15) tax exemption for a DISC, (16) step-up in tax basis of property acquired from decedent, and (17) capital gains on sale or exchange of patents. Title III: Provisions to Terminate on January 1, 1977 - Provides that the following provisions of the Internal Revenue Code of 1954 shall terminate on January 1, 1977: (1) corporate surtax exemption, (2) retirement income credit, (3) credit or deduction for contributions to candidates for public office, (4) investment credit, (5) tax-exempt interest, (6) exclusion from gross income of rental value of parsonages, (7) exclusion from gross income of scholarship and fellowship grants, (8) exclusion from gross income of gain on the sale of residence by person over 65, (9) additional exemption for age 65 or blindness of taxpayer or spouse, (10) exemption for child whose income exceeds $750, (11) deduction for nonbusiness casualty losses, (12) charitable contribution deductions, (13) medical expense deduction, (14) household and dependent care deduction, (15) deduction of moving expenses, (16) nonrecognition of gain on appreciated property used to redeem stock, (17) nonrecognition of gain in connection with certain liquidations, and (18) deduction for capital gains.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on February 6, 1974. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on February 6, 1974: Referred to House Committee on Ways and Means.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 93rd Congress (1973-74), 651 of the 23,396 bills and joint resolutions introduced became law, about 2.8 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
PIERRE DU PONT (R-DE) introduced it on February 6, 1974. No cosponsors are recorded.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on February 6, 1974, 19256 days ago. The most recent recorded action was 19256 days ago, on February 6, 1974.
Measures do not carry over. Anything the 93rd Congress has not finished by January 3, 1975 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers