Tax Technical Corrections Act of 2014
Latest action. Placed on Senate legislative calendarThe list of measures reported out of committee and eligible for floor action. Being on the calendar is not a promise of a vote.Read the full definition (opens a new tab) under General Orders. Calendar No. 367.
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
Tax Technical Corrections Act of 2014 - (Sec. 2) Amends the Middle Class Tax Relief and Job Creation Act of 2012 to correct a reference to the repeal of shifts in the timing of estimated corporate taxes in the Corporate Estimated Tax Shift Act of 2009.
(Sec. 3) Amends the Internal Revenue Code, as amended by the American Taxpayer Relief Act of 2012, to: (1) make a conforming amendment to the computation of the foreign earned income tax exclusion, and (2) confirm that the alternative minimum tax (AMT) exemption amount for married individuals filing separate tax returns is one-half the exemption amount for married individuals filing a joint return.
(Sec. 4) Amends the Regulated Investment Company Modernization Act of 2010 to: (1) allow a regulated investment company (RIC) to delay the capital loss carryover provisions of such Act for one year for purposes of the excise tax on undistributed RIC income, (2) exclude from an RIC earnings and profit calculation such loss carryover amounts, (3) modify the required date for a declaration of an RIC spillover dividend, (4) modify rules for the treatment of post-October net capital losses, and (5) allow a deferral of certain gains and losses of an RIC for excise tax purposes.
(Sec. 5) Amends the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 to confirm that the phase-out thresholds for married couples filing joint tax returns are increased and adjusted for inflation for all taxable years after 2009 (not just taxable years beginning in 2010).
(Sec. 6) Amends the Creating Small Business Jobs Act of 2010 to provide that amendments to provisions imposing penalties for failure to furnish correct taxpayer information in that Act apply on or after January 1, 2011.
(Sec. 7) Makes a clerical amendment to Hiring Incentives To Restore Employment Act.
The summary continues for 14 more paragraphs. Read it in full on Congress.gov
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Reported to Senate without amendment" stage on April 28, 2014. 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 April 28, 2014: Placed on Senate Legislative Calendar under General Orders. Calendar No. 367.
- 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 113th Congress (2013-14), 296 of the 9,091 bills and joint resolutions introduced became law, about 3.3 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?
Ron Wyden (D-OR) introduced it on April 28, 2014. 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 April 28, 2014, 4518 days ago. The most recent recorded action was 4518 days ago, on April 28, 2014.
Measures do not carry over. Anything the 113th Congress has not finished by January 3, 2015 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