Chapter 42 Second Tier Tax Correction Act of 1980
Latest action. Referred to Senate Committee on Finance.
Chapter 42 Second Tier Tax Correction Act of 1980 - Amends the Internal Revenue Code to eliminate the correction period, thus shortening the time for determining the amount of second tier taxes payable for failure to correct specified prohibited transactions, discountenanced conditions, or other taxable events, or for failure to meet minimum standards, with respect to certain private tax-exempt foundations, black-lung benefit trusts, and qualified pension plans. Imposes such tax upon mailing of the deficiency notice. Requires nonassessment or abatement of any assessed or refund or crediting of any collected second tier taxes if any such specified taxable event is corrected during the prescribed period. Provides for a supplemental court proceeding to determine whether a taxable event was so corrected, if any court determination of second tier tax liability has become final. Requires suspension of any levy or proceeding in court for collection of the second tier tax if within 90 days after its assessment, the first tier tax is paid in full and a claim for refund of the amount so paid is filed. Suspends the running of the statute of limitations for the period of such suspension. Ends such collection suspension period 90 days after denial of a refund claim if the person against whom a second tier tax was assessed fails to file suit for such refund.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on March 27, 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 March 27, 1980: 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 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?
RUSSELL LONG (D-LA) introduced it on March 27, 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 March 27, 1980, 16968 days ago. The most recent recorded action was 16968 days ago, on March 27, 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
- SenateIn committee, no floor vote yet
- HouseAwaits Senate passage
- PresidentAwaits both chambers