A bill to provide a system for adjusting depreciation schedules for tax purposes so as to ensure the vitality of key industries.
Latest action. Referred to House Committee on Ways and Means.
States Congressional findings with respect to the need to increase the productivity of American industry and to provide more realistic depreciation schedules for American industry. States the purpose of this Act as the establishment of a system for the adjustment of depreciation schedules to aid American industries. Establishes a National Council for Industrial Innovation and Reconstruction (Council). Requires the Council and the Secretary of the Treasury to seek information and advice from the private sector with respect to depreciation schedules and their impact on specific industries and their workers. Directs the Secretary to form representative industry advisory committees for the purpose of obtaining expert advice and information on depreciation reform. Specifies that provisions of the Federal Advisory Committee Act shall apply to the Council and all advisory committees formed by the Secretary. Provides for the confidentiality of trade secrets and privileged commercial or financial information which is submitted to the Council by the private sector. Requires the Council to hold public hearings during the first calendar quarter of 1980, 1981, and 1982 on depreciation schedules then in effect and on requests for adjustments to such schedules. Directs the Secretary to review the recommendations of the Council. Limits the amount of revenue loss from such adjustments in the depreciation schedules to $15,000,000 for a specified five year period. Sets forth factors which the Council and the Secretary shall consider in making their recommendations for adjustments to the depreciation schedules. Directs the Secretary to submit a report to Congress on the impact of this Act in encouraging the modernization, structural adjustment, and expansion of American industry.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on July 31, 1980. 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 July 31, 1980: 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?
CHARLES VANIK (D-OH) introduced it on July 31, 1980. 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 July 31, 1980, 16842 days ago. The most recent recorded action was 16842 days ago, on July 31, 1980.
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