Job Protection Act
Latest action. Referred to Senate Committee on Finance.
Job Protection Act - Prohibits a tax exclusion, under the Internal Revenue Code, on the gross income from industrial development bonds, if such bonds are related to plant departure from areas in which the average unemployment rate exceeds 6 percent during the year preceding the tax year for which such exclusion is sought. Eliminates the exclusion of exchanges of stocks and securities in reorganizations if the total fair market value of the assets of the corporations which are parties to the reorganization exceeds $10,000,000. Eliminates the exclusion of distribution of stocks and securities of a controlled corporation if, immediately prior to the distribution, the total fair market value of the assets of the distributing corporation exceeds $10,000,000. Eliminates the nonrecognition of gain or loss to corporations if the total fair market value of the assets of the corporations which are parties to the reorganization exceeds $10,000,000. Eliminates the nonrecognition of gain or loss in connection with liquidations following sales to corporations if the total fair market value of the assets of the corporations which are parties to the sale or exchange exceeds $10,000,000. Provides that the installment method of declaration of income for sale or disposition of property shall not apply to a sale or other disposition of substantially all of the stock or properties of a corporation to another corporation if the total fair market value of the assets of the two corporations exceeds $10,000,000.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on June 15, 1973. 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 15, 1973: Referred to Senate Committee on Finance.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the Senate
- Passage by the House
- 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?
PHILIP HART (D-MI) introduced it on June 15, 1973. 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 15, 1973, 19445 days ago. The most recent recorded action was 19445 days ago, on June 15, 1973.
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
- SenateIn committee, no floor vote yet
- HouseAwaits Senate passage
- PresidentAwaits both chambers