A bill to amend the Internal Revenue Code to provide for inflation adjustments.
Latest action. Referred to Senate Committee on Finance.
Title I: Amends the Internal Revenue Code to require an annual cost-of-living adjustment, based on the Consumer Price Index (CPI), to the individual income tax rates, the personal exemption amount, and the withholding tables. Title II: Requires annual inflation adjustments (based on gross national product deflator adjustments) to corporate income tax rates. Title III: Requires inflation adjustments (based on the CPI) to specified capital assets for purposes of determining gain or loss. Title IV: Eliminates the declining balance and sum-of-the-years digits methods of computing allowable depreciation expenses. Limits deductions for such depreciation to amounts determined by a replacement cost straight line method, as formulated by this Act, or by any other consistent method which does not yield an amount which exceeds the total amount allowed under the property's useful life. Revises the formula for the adjusted basis for determining property gain. Title V: Declares that it is the sense of the Senate that the Committee on the Budget shall report a fiscal year 1982 Federal budget which: (1) is balanced in accordance with the adopted Congressional Budget; and (2) reserves any surplus for tax reductions, particularly such reductions as may be necessary to reduce Federal outlays for fiscal year 1982 to 21 percent of the gross national product.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on December 3, 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 December 3, 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?
DAVID DURENBERGER (R-MN) introduced it on December 3, 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 December 3, 1980, 16717 days ago. The most recent recorded action was 16717 days ago, on December 3, 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