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There is one summary for this bill. Bill summaries are authored by CRS.

Tax Policy Review Act - Title I: Provisions to Terminate on January 1, 1974: Provides that the following provisions of the Internal Revenue Code of 1954 shall terminate on January 1, 1974: (1) the $30,000 exemption and deduction of regular income taxes for the minimum tax on preferences; (2) treatment of group-term life insurance purchased for employees; (3) exclusion from gross income of $5,000 employee's death benefit; (4) exemption from tax of $100 of dividends received by individuals; (5) treatment of lost from certain nonbusiness guaranties; (6) twenty-percent variation under the asset depreciation range system; (7) capital gain treatment for lump-sum distribution from pension funds; (8) treatment of employee stock options; (9) tax exemption of credit unions and mutual insurance funds for certain financial institutions; (10) treatment of bad debt reserves of banks and other financial institutions; (11) percentage depletion for oil, gas, and other minerals; (12) capital gain for timber, coal, and iron ore royalties; (13) exclusion of gross-up on dividends of less developed countries corporations; (14) exemption of earned income from foreign sources; (15) alternative tax capital gains; (16) rules for recapture of depreciation on sale at gain of real property; and (17) special exemptions for excess deductions account for farm losses.

Title II: Provisions to Terminate on January 1, 1975 - Provides that the following provisions of the Internal Revenue Code of 1954 shall terminate on January 1, 1975: (1) exclusion from gross income of amounts received as sick pay; (2) deduction of nonbusiness interest and taxes; (3) fast depreciation methods; (4) deduction of research and experimental expenditures; (5) deduction of soil and water conservation expenditures; (6) additional first-year depreciation allowance; (7) deduction of expenditures for clearing land; (8) amortization of railroad grading and tunnel bores; (9) deduction of intangible drilling and development costs; (10) deduction of development expenditures in the case of mines; (11) tax exemption for ships under foreign flag; (12) special deduction for a Western Hemisphere trade corporation; (13) exemption of income from sources within possessions of United States; (14) exclusion from subpart F income of shipping profits and certain dividends, interest, and gains; (15) tax exemption for a DISC; (16) step-up in tax basis of property acquired from decedent; and (17) capital gains on sale or exchange of patents.

Title III: Provisions to Terminate on January 1, 1976 - Provides that the following provisions of the Internal Revenue Code of 1954 shall terminate on January 1, 1976: (1) corporate surtax exemption; (2) retirement income credit; (3) credit or deduction for contributions to candidates for public office; (4) investment credit; (5) tax-exempt interest; (6) exclusion from gross income of rental value of parsonages; (7) exclusion from gross income of scholarship and fellowhip grants; (8) exclusion from gross income of gain on the sale of residence by person over 65; (9) additional exemption for age 65 or blindness of taxpayer or spouse; (10) exemption for child whose income exceeds $750; (11) deduction for nonbusiness casualty losses; (12) charitable contribution deductions; (13) medical expense deduction; (14) household and dependent care deduction; (15) deduction of moving expenses; (16) nonrecognition of gain on appreciated property used to redeem stock; (17) nonrecognition of gain in connection with certain liquidations; and (18) deduction for capital gains.

There is one summary for this bill. Bill summaries are authored by CRS.

Tax Policy Review Act - Title I: Provisions to Terminate on January 1, 1974: Provides that the following provisions of the Internal Revenue Code of 1954 shall terminate on January 1, 1974: (1) the $30,000 exemption and deduction of regular income taxes for the minimum tax on preferences; (2) treatment of group-term life insurance purchased for employees; (3) exclusion from gross income of $5,000 employee's death benefit; (4) exemption from tax of $100 of dividends received by individuals; (5) treatment of lost from certain nonbusiness guaranties; (6) twenty-percent variation under the asset depreciation range system; (7) capital gain treatment for lump-sum distribution from pension funds; (8) treatment of employee stock options; (9) tax exemption of credit unions and mutual insurance funds for certain financial institutions; (10) treatment of bad debt reserves of banks and other financial institutions; (11) percentage depletion for oil, gas, and other minerals; (12) capital gain for timber, coal, and iron ore royalties; (13) exclusion of gross-up on dividends of less developed countries corporations; (14) exemption of earned income from foreign sources; (15) alternative tax capital gains; (16) rules for recapture of depreciation on sale at gain of real property; and (17) special exemptions for excess deductions account for farm losses.

Title II: Provisions to Terminate on January 1, 1975 - Provides that the following provisions of the Internal Revenue Code of 1954 shall terminate on January 1, 1975: (1) exclusion from gross income of amounts received as sick pay; (2) deduction of nonbusiness interest and taxes; (3) fast depreciation methods; (4) deduction of research and experimental expenditures; (5) deduction of soil and water conservation expenditures; (6) additional first-year depreciation allowance; (7) deduction of expenditures for clearing land; (8) amortization of railroad grading and tunnel bores; (9) deduction of intangible drilling and development costs; (10) deduction of development expenditures in the case of mines; (11) tax exemption for ships under foreign flag; (12) special deduction for a Western Hemisphere trade corporation; (13) exemption of income from sources within possessions of United States; (14) exclusion from subpart F income of shipping profits and certain dividends, interest, and gains; (15) tax exemption for a DISC; (16) step-up in tax basis of property acquired from decedent; and (17) capital gains on sale or exchange of patents.

Title III: Provisions to Terminate on January 1, 1976 - Provides that the following provisions of the Internal Revenue Code of 1954 shall terminate on January 1, 1976: (1) corporate surtax exemption; (2) retirement income credit; (3) credit or deduction for contributions to candidates for public office; (4) investment credit; (5) tax-exempt interest; (6) exclusion from gross income of rental value of parsonages; (7) exclusion from gross income of scholarship and fellowhip grants; (8) exclusion from gross income of gain on the sale of residence by person over 65; (9) additional exemption for age 65 or blindness of taxpayer or spouse; (10) exemption for child whose income exceeds $750; (11) deduction for nonbusiness casualty losses; (12) charitable contribution deductions; (13) medical expense deduction; (14) household and dependent care deduction; (15) deduction of moving expenses; (16) nonrecognition of gain on appreciated property used to redeem stock; (17) nonrecognition of gain in connection with certain liquidations; and (18) deduction for capital gains.

There is one summary for this bill. Bill summaries are authored by CRS.

Tax Policy Review Act - Title I: Provisions to Terminate on January 1, 1974: Provides that the following provisions of the Internal Revenue Code of 1954 shall terminate on January 1, 1974: (1) the $30,000 exemption and deduction of regular income taxes for the minimum tax on preferences; (2) treatment of group-term life insurance purchased for employees; (3) exclusion from gross income of $5,000 employee's death benefit; (4) exemption from tax of $100 of dividends received by individuals; (5) treatment of lost from certain nonbusiness guaranties; (6) twenty-percent variation under the asset depreciation range system; (7) capital gain treatment for lump-sum distribution from pension funds; (8) treatment of employee stock options; (9) tax exemption of credit unions and mutual insurance funds for certain financial institutions; (10) treatment of bad debt reserves of banks and other financial institutions; (11) percentage depletion for oil, gas, and other minerals; (12) capital gain for timber, coal, and iron ore royalties; (13) exclusion of gross-up on dividends of less developed countries corporations; (14) exemption of earned income from foreign sources; (15) alternative tax capital gains; (16) rules for recapture of depreciation on sale at gain of real property; and (17) special exemptions for excess deductions account for farm losses.

Title II: Provisions to Terminate on January 1, 1975 - Provides that the following provisions of the Internal Revenue Code of 1954 shall terminate on January 1, 1975: (1) exclusion from gross income of amounts received as sick pay; (2) deduction of nonbusiness interest and taxes; (3) fast depreciation methods; (4) deduction of research and experimental expenditures; (5) deduction of soil and water conservation expenditures; (6) additional first-year depreciation allowance; (7) deduction of expenditures for clearing land; (8) amortization of railroad grading and tunnel bores; (9) deduction of intangible drilling and development costs; (10) deduction of development expenditures in the case of mines; (11) tax exemption for ships under foreign flag; (12) special deduction for a Western Hemisphere trade corporation; (13) exemption of income from sources within possessions of United States; (14) exclusion from subpart F income of shipping profits and certain dividends, interest, and gains; (15) tax exemption for a DISC; (16) step-up in tax basis of property acquired from decedent; and (17) capital gains on sale or exchange of patents.

Title III: Provisions to Terminate on January 1, 1976 - Provides that the following provisions of the Internal Revenue Code of 1954 shall terminate on January 1, 1976: (1) corporate surtax exemption; (2) retirement income credit; (3) credit or deduction for contributions to candidates for public office; (4) investment credit; (5) tax-exempt interest; (6) exclusion from gross income of rental value of parsonages; (7) exclusion from gross income of scholarship and fellowhip grants; (8) exclusion from gross income of gain on the sale of residence by person over 65; (9) additional exemption for age 65 or blindness of taxpayer or spouse; (10) exemption for child whose income exceeds $750; (11) deduction for nonbusiness casualty losses; (12) charitable contribution deductions; (13) medical expense deduction; (14) household and dependent care deduction; (15) deduction of moving expenses; (16) nonrecognition of gain on appreciated property used to redeem stock; (17) nonrecognition of gain in connection with certain liquidations; and (18) deduction for capital gains.

There is one summary for this bill. Bill summaries are authored by CRS.

Tax Policy Review Act - Title I: Provisions to Terminate on January 1, 1974: Provides that the following provisions of the Internal Revenue Code of 1954 shall terminate on January 1, 1974: (1) the $30,000 exemption and deduction of regular income taxes for the minimum tax on preferences; (2) treatment of group-term life insurance purchased for employees; (3) exclusion from gross income of $5,000 employee's death benefit; (4) exemption from tax of $100 of dividends received by individuals; (5) treatment of lost from certain nonbusiness guaranties; (6) twenty-percent variation under the asset depreciation range system; (7) capital gain treatment for lump-sum distribution from pension funds; (8) treatment of employee stock options; (9) tax exemption of credit unions and mutual insurance funds for certain financial institutions; (10) treatment of bad debt reserves of banks and other financial institutions; (11) percentage depletion for oil, gas, and other minerals; (12) capital gain for timber, coal, and iron ore royalties; (13) exclusion of gross-up on dividends of less developed countries corporations; (14) exemption of earned income from foreign sources; (15) alternative tax capital gains; (16) rules for recapture of depreciation on sale at gain of real property; and (17) special exemptions for excess deductions account for farm losses.

Title II: Provisions to Terminate on January 1, 1975 - Provides that the following provisions of the Internal Revenue Code of 1954 shall terminate on January 1, 1975: (1) exclusion from gross income of amounts received as sick pay; (2) deduction of nonbusiness interest and taxes; (3) fast depreciation methods; (4) deduction of research and experimental expenditures; (5) deduction of soil and water conservation expenditures; (6) additional first-year depreciation allowance; (7) deduction of expenditures for clearing land; (8) amortization of railroad grading and tunnel bores; (9) deduction of intangible drilling and development costs; (10) deduction of development expenditures in the case of mines; (11) tax exemption for ships under foreign flag; (12) special deduction for a Western Hemisphere trade corporation; (13) exemption of income from sources within possessions of United States; (14) exclusion from subpart F income of shipping profits and certain dividends, interest, and gains; (15) tax exemption for a DISC; (16) step-up in tax basis of property acquired from decedent; and (17) capital gains on sale or exchange of patents.

Title III: Provisions to Terminate on January 1, 1976 - Provides that the following provisions of the Internal Revenue Code of 1954 shall terminate on January 1, 1976: (1) corporate surtax exemption; (2) retirement income credit; (3) credit or deduction for contributions to candidates for public office; (4) investment credit; (5) tax-exempt interest; (6) exclusion from gross income of rental value of parsonages; (7) exclusion from gross income of scholarship and fellowhip grants; (8) exclusion from gross income of gain on the sale of residence by person over 65; (9) additional exemption for age 65 or blindness of taxpayer or spouse; (10) exemption for child whose income exceeds $750; (11) deduction for nonbusiness casualty losses; (12) charitable contribution deductions; (13) medical expense deduction; (14) household and dependent care deduction; (15) deduction of moving expenses; (16) nonrecognition of gain on appreciated property used to redeem stock; (17) nonrecognition of gain in connection with certain liquidations; and (18) deduction for capital gains.