TABLE 1.-TAX EXPENDITURE ESTIMATES BY BUDGET FUNCTION, FISCAL YEARS 1994-1998-Continued Exclusion of interest on public purpose State and local government debt 3.5 4.0 4.5 4.8 5.0 10.5 11.8 12.8 14.9 15.1 86.8 property taxes 25.7 27.6 29.7 31.8 33.3 148.2 Tax expenditure of less than $50 million. 2 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 $0.5 billion per year in fiscal year 1994, and $0.6 billion per year for fiscal years 1995 through 1998. The figures in the table show the effect of the supplemental health insurance component of the EITC on receipts. The increase in outlays is $0.7 billion in each year for 1994, 1995 and 1996, and $0.8 billion in each year for 1997 and 1998. The figures in the table show the effect of the EITC on receipts. The increase in outlays is: $10.9 billion in 1994, $13.5 billion in 1995, $14.1 billion in 1996, $15.1 billion in 1997, and $15.6 billion in 1998. The figures in the table show the effect of the supplemental young child credit component of the EITC on receipts. The increase in outlays is: $0.3 billion in 1994, $0.4 billion in 1995, and $0.4 billion in each year from 1996 through 1998. Note.-Details may not add to totals due to rounding. Source: Joint Committee on Taxation. PART VII. LEGISLATIVE HISTORIES OF Public Law 86-69 Life Insurance Company Income Tax Act June 25, 1959 Public Law 95-30 1977. Revenue Act of 1978 November 6, 1978 Public Law 95-600 Crude Oil Windfall Profit Tax Act of April 2, 1980 Public Law 96-223 1980. Interest Equalization Tax Act of 1969 Revenue Act of 1971............ Tax Reduction Act of 1975 Tax Reduction and Simplification Act of May 23, 1977 1 Source: "Taxes: Significant Federal Tax Acts, 1954-1990," Congressional Research Service, Louis Alan Talley, April 20, 1990, rev. March 4, 1991. 2. Principal Tax Acts 1981-92: Procedural History THE ECONOMIC RECOVERY ACT OF 1981 (ERTA) H.R. 4242 MR. ROSTENKOWSKI July 23, 1981 To amend the Internal Revenue Code of 1954 to encourage economic growth through reductions in individual income tax rates, the expensing of depreciable property, incentives for small businesses, and incentives for savings, and for other purposes. July 23, 1981. Ordered reported. July 24, 1981. Reported to House. H.Rept. 97-201. July 28, 1981. Hearing before Rules Committee. July 28, 1981. H.Res. 198, providing modified open rule, 2 hours debate reported to House. H.Rept. 97-205. July 29, 1981. H.Res. 198 adopted by House by a record vote of 280 yeas, 150 nays. July 29, 1981. Passed the House amended by a record vote of 323 yeas, 107 nays. Rejected a motion to recommit the bill to the Committee on Ways and Means. Agreed to an amendment in the nature of a substitute made in order by the rule, the text of H.R. 4260 by a record vote of 238 yeas, 195 nays. Rejected an amendment in the nature of a substitute made in order by the rule, the text of H.R. 4269 by a record vote of 144 yeas, 288 nays. July 31, 1981. Passed the Senate amended striking all after the enacting clause and inserting in lieu thereof the text of H.J.Res. 266, as amended; by a voice vote. July 31, 1981. Senate insisted on its amendment and requested a conference with the House. Appointed as conferees: Senators Dole, Packwood, Roth, Danforth, Long, Byrd, and Bentsen. July 31, 1981. House disagreed to the Senate amendment and agreed to a conference, as well as a motion to instruct the conferees to insist on sec. 311 of the bill as passed by the House relating to the amounts which persons, who are active participants in employer-sponsored pension plans, may deduct for contributions to IRA's. Appointed as conferees: Representatives Rostenkowski, Gibbons, Pickle, Rangel, Stark, Conable, Duncan, and Archer. Aug. 1, 1981. House conference report filed. H.Rept. 97-215. Aug. 3, 1981. Senate agreed to the conference report by a record vote of 67 yeas, 8 nays. Aug. 4, 1981. House agreed to the conference report by a record vote of 282 yeas, 95 nays. Aug. 13, 1981. Approved. Public Law 97-34. (See P.L. 97-424 (H.R. 6211) for related action.) (See P.L. 97-448 (H.R. 6056) for related action.) THE TAX EQUITY AND FISCAL RESPONSIBILITY ACT OF 1982 (TEFRA) H.R. 4961 Nov. 13, 1981 MR. STARK, MR. DUNCAN OF TENNESSEE, Mr. Holland, Mr. To make miscellaneous changes in the tax laws. (As introduced, embodies H.R. 2397, 2860, 3262, 4408, and 4908.) Oct. 19, 1981. Hearing held on subject matter. Nov. 13, 1981. Referred to Subcommittee on Select Revenue Measures. Nov. 19, 1981. Ordered reported. Dec. 14, 1981. Reported to House amended to include provisions of H.R. Dec. 15, 1981. Passed the House by a voice vote. (Brought up under July 12, 1982. Reported to Senate with amendments, S. Rept. 97-494, parts July 22, 1982. Passed Senate with amendments by a record vote of 50 yeas, 47 nays. July 28, 1982. Senate insisted on its amendments and requested a conference with the House. Appointed as conferees: Senators Dole, Packwood, Roth, Danforth, Long, Harry F. Byrd, Jr., and Bentsen; on title IV only (excluding sec. 406(e)), Senators Packwood, Kassebaum, and Cannon. July 28, 1982. House disagreed to the Senate amendments and agreed to a conference with the Senate. Appointed as conferees: Representatives Rostenkowski, Gibbons, Pickle, Rangel, Stark, Conable, Duncan, and Archer for the entire bill and the Senate amendments and modifications committed to conference, with the exception of subtitle B (Medicaid) of title I and title IV (Airport and Airway System Development), except for sec. 406(e) of that title, and with the exception of sec. 395 of the Senate amendments and modifications committed to conference; Representatives Dingell, Waxman, Scheuer, Broyhill, and Madigan solely for the consideration of subtitle B of title I (Medicaid), subtitle C of title I (Utilization and Quality Control Peer Review), such parts of subtitle A (Medicare) of title I that relate to amendments to the Supplementary Medical Insurance Program authorized under title XVIII of the Social Security Act, and sec. 395 of the Senate amendments and modifications committed to conference; Representatives Mineta, Anderson, Levitas, Oberstar, Clausen, Snyder, and Hammerschmidt solely for the consideration of title IV, with the exception of sections 406(e) and 407(b), of the Senate amendments and modifications committed to conference; and Representatives Fuqua, Glickman, and Winn solely for the consideration of sec. 407(b) of title IV of the Senate amendments and modifications committed to conference. Agreed to a motion to instruct House conferees to insist that the conference report result in attainment of expenditure reduction levels no lower than those required by the conference report on the First Concurrent Resolution on the Budget for fiscal year 1983, and revenue raising levels equal to those required for fiscal year 1983 by the conference report on the First Concurrent Resolution on the Budget for fiscal year 1983 by a record vote of 299 yeas, 89 nays. Agreed to a motion to table H.Res. 541, to return to the Senate H.R. 4961 with the Senate amendments thereto, with the message that the Senate amendments are an infringement of the privileges of the House by a record vote of 229 yeas, 169 nays. Aug. 4, 1982. Change of conferees solely for consideration of sec. 395 of the Senate amendment to H.R. 4961 and modifications thereof committed to conference, Representatives Dingell, Wirth, and Broyhill. Aug. 17, 1982. Conference report filed. H.Rept. 97-760. Aug. 18, 1982. Hearing before Rules Committee. H.Res. 569 waiving all points of order and providing for 4 hours of debate, 3 hours for the Ways and Means Committee and 30 minutes each for Energy and Commerce, and Public Works and Transportation Committees; provides conference report be considered read; one motion to recommit, which may not contain instructions, was reported to the House. H.Rept. 97763. Aug. 18, 1982. Conference report filed in the Senate. S. Rept. 97-530. Aug. 19, 1982. H.Res. 569, passed the House by a record vote of 253 yeas, 176 nays; House agreed to a motion to table H.Res. 571, to return to the Senate H.R. 4961 and Senate amendments thereto with a message that the Senate amendments and conference action contravene with the Constitution, and are an infringement of the privileges of the House, by a record vote of 268 yeas, 144 nays. The conference report passed the House by a record vote of 226 yeas, 207 nays. Aug. 19, 1982. Senate sustained the chair in rejecting a point of order that the conference report contained matters not germane and thus not in order by a record vote of 52 yeas, 47 nays. The conference report passed the Senate by a record vote of 52 yeas, 47 nays. Sept. 3, 1982. Approved. Public Law 97-248. |