Health Exclusion of employer contributions for medical insurance premiums and medical care Exclusion of medical care and CHAMPUS health insurance for military de pendents Supplemental health insurance credit component of earned income tax credit (EITC) Deductibility of medical expenses Exclusion of interest on State and local government bonds for private non profit hospital facilities Deductibility of charitable contributions to health organizations Exclusion of other employee benefits: Premiums on group term life insurance Premiums on accident and disability insurance Exclusion of employer-provided death benefits Additional standard deduction for the blind and the elderly Deductibility of casualty and theft losses Earned income tax credit (EITC)4 Supplementa! young child credit component of EITC 5 Social security and railroad retirement Exclusion of untaxed social security and railroad retirement benefits Veterans' benefits and services Exclusion of veterans' disability compensation Exclusion of veterans' pensions Exclusion of Gl bill benefits Exclusion of interest on State and local government bonds for veterans' (4) (4) (2) (') 28.0 9.0 10.0 11.1 12.2 0.1 4.1 0.1 5.6 4.3 4.5 4.8 0.1 0.1 0.5 0.5 0.5 0.5 55.3 58.5 62.0 6.5 3.0 3.1 3.3 0.1 (3) 1.7 0.1 0.5 0.5 0.5 6.5 7.7 65.7 69.6 7.0 1.8 1.8 0.1 1.6 1.7 1.8 (') 29.4 30.7 31.9 33.2 153.2 1.6 1.6 0.1 0.1 0.1 0.1 0.5 0.4 0.1 0.1 0.1 0.1 0.6 TABLE 1.-TAX EXPENDITURE ESTIMATES BY BUDGET FUNCTION, FISCAL YEARS 1994-1998-Continued Exclusion of interest on public purpose State and local government debt Tax credit for corporations with possessions source income 3.9 4.1 4.3 4.5 4.7 21.5 1 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 3The 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 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 5 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 Note.-Details may not add to totals due to rounding. Source: Joint Committee on Taxation. PART VII. LEGISLATIVE HISTORIES OF Life Insurance Company Income Tax Act June 25, 1959 Public Law No. Public Law 83-591 Public Law 85-866 Public Law 86-69 ............... Excise Tax Rate Extension Act of 1964 Interest Equalization Tax Act of 1969 Revenue Act of 1971 ............ .... November 26, 1969 Public Law 90-59 | Public Law 91-128 Public Law 91-172 Public Law 92-178 Public Law 94-12 ................ Tax Reduction Act of 1975 Tax Reform Act of 1976 Public Law 94-455 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 April 2, 1980 1980. Public Law 96-223 1Source: "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) Mr. Stark, Mr. Duncan of Tennessee, Mr. Holland, Mr. FALIS 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. |