A bill to provide that certain indebtedness incurred before 1965 will not be treated as acquisition indebtedness for purposes of applying section 514 of the internal Revenue Code of 1954 to certain sales during 1976.
Latest action. Referred to House Committee on Ways and Means.
Provides that, with respect to any sale of real property during 1976, indebtedness incurred before January 1, 1965, by a tax-exempt organization to finance the construction of a building on such property shall not be treated as acquisition indebtedness for purposes of the tax on the unrelated business income of such organization, if the property was acquired by such organization before January 1, 1952, and is contiguous to another parcel of real property which was acquired by such organization before January 1, 1952, and was used by such organization in accordance with the purposes for which such organization received its tax-exemption.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on June 18, 1979. 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 June 18, 1979: 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 96th Congress (1979-80), 613 of the 12,581 bills and joint resolutions introduced became law, about 4.9 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?
LES AUCOIN (D-OR) introduced it on June 18, 1979. 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 June 18, 1979, 17251 days ago. The most recent recorded action was 17251 days ago, on June 18, 1979.
Measures do not carry over. Anything the 96th Congress has not finished by January 3, 1981 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