Tax Equity Act
Latest action. Referred to Senate Committee on Finance.
Tax Equity Act - Allows a tax credit, under the Internal Revenue Code, of $170 multiplied by the number of exemptions to which the taxpayer is entitled under the personal exemptions provisions. Allows a tax credit for low-income workers equal to the applicable percentage of the social security taxes with respect to wages received. Provides for an advanced refund of tax credits to low-income workers with families. Eliminates the designation of a corporation as a Domestic International Sales Corporation (DISC) under the Internal Revenue Code. Repeals the percentage depletion allowance for foreign oil and gas wells. Repeals the deduction for intangible drilling and development expenses related to foreign oil and gas wells. Reduces the amount allowable as a foreign tax on oil and gas wells for purposes of determining the credit for such tax. Provides for separate application of the provisions relating to limitation of tax credits for foreign income, as they pertain to foreign oil-related income and other taxable income. Sets forth a formula for recapture of foreign oil-related losses. Extends the carrybacks from 1977, 1978, or 1979 of foreign taxes attributable to foreign oil-related income. Phases out the percentage depletion allowance as of 1975, with specified exceptions for domestic production under 3,000 barrels a day, and for stripper wells. Allows the 22-percent depletion for regulated and fixed-contract natural gas, with the exception of regulated natural gas where it exceeds a specified price. Allows the 22-percent depletion for geothermal energy. Increases the minimum tax for tax preferences.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on October 11, 1974. 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 October 11, 1974: 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?
HUBERT HUMPHREY (D-MN) introduced it on October 11, 1974. 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 October 11, 1974, 18962 days ago. The most recent recorded action was 18962 days ago, on October 11, 1974.
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