3 In addition, the 5.4-cents-per-gallon exemption from excise tax for alcohol fuels results in a reduction in excise tax receipts, net of income tax effect, of $0.4 billion per year for 1992 and 1993, $0.5 billion per year for 1994 and 1995, and $0.6 billion in 1996. $0.7 billion per year in 1995 and 1996. The figures in the table show the effect of the child medical insurance credit on receipts. The increase in outlays is $0.5 billion in 1992, $0.6 billion per year in 1993 and 1994, and billion in 1995, and $13.2 billion in 1996. 5 The figures in the table show the effect of the earned income credit on receipts. The increase in outlays is: $7.8 billion in 1992, $8.5 billion in 1993, $10.6 billion in 1994, $12.3 Source: Joint Committee on Taxation, "Estimates of Federal Tax Expenditures for Fiscal Years 1992-1996" (JCS-4-91), March 11, 1991. ADDENDUM TO TABLE 1.-SUM OF TAX EXPENDITURE ITEMS BY TYPE OF TAXPAYER, FISCAL YEARS 1992-96 is explained in the text. Note. These totals represent the mathematical sum of the estimated fiscal year effect of each of the tax expenditure items included in table 1. The limitations on the use of the totals PART VI. LEGISLATIVE HISTORIES OF FEDERAL TAX LEGISLATION, 1954-90 A. Procedural History 1. PRINCIPAL TAX ACTS 1954-80: PUBLIC LAW NUMBERS 1 Life Insurance Company Income Tax Act June 25, 1959 Public Law 86-69 Revenue and Expenditure Control Act of June 20, 1968 Public Law 90-59 Tax Reduction and Simplification Act of May 23, 1977 Public Law 95-30 1977. Revenue Act of 1978. November 6, 1978 Public Law 95-600 Crude Oil Windfall Profit Tax Act of 1980. April 2, 1980 Public Law 96-223 1 Source: "Taxes: Significant Federal Tax Acts, 1954-1990," Congressional Research Service, Louis Alan Talley, April 20, 1990, rev. March 4, 1991. |