HR 2714 107th Congress House Taxation Capital formation Capital investments Commerce Congress Congressional reporting requirements Economics and Public Finance Families Federal advisory bodies Finance and Financial Sector Government Operations and Politics Income tax Internal revenue law Labor and Employment Legislation Progressive taxation Saving and investment Tax administration Tax incidence Tax rates

Date Certain Tax Code Replacement Act

Introduced: August 2, 2001 See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Feb 15, 2002

Sponsor introductory remarks on measure. (CR E172-173)

Aug 2, 2001

Introduced in House

Aug 2, 2001

Referred to the House Committee on Ways and Means.

Plain-English summary Congressional Research Service

Date Certain Tax Code Replacement Act - Prohibits the imposition of any tax by the Internal Revenue Code: (1) for any taxable year beginning after December 31, 2005; and (2) in the case of any tax not imposed on the basis of a taxable year, on any taxable event or for any period after December 31, 2005. Excepts the: (1) tax on self-employment income (chapter 2 of the Code); (2) Federal Insurance Contributions Act (chapter 21 of the Code); and (3) Railroad Retirement Tax Act (chapter 22 of the Code).

Establishes the National Commission on Tax Reform and Simplification to review: (1) the present structure and provisions of the Code; (2) whether the tax systems of other countries could provide more efficient and fair methods of funding government revenue requirements; (3) whether the income tax should be replaced with a tax imposed in a different manner or on a different base; and (4) whether the Code can be simplified, absent wholesale restructuring or replacement. Requires a Commission report to Congress on review results, with recommendations for Code reform and simplification. Terminates the Commission 90 days after such report.

Authorizes appropriations (with interim funding).

Declares that any new Federal tax system should be approved by Congress in its final form before July 4, 2005, and, if not, Congress should be required to vote to reauthorize the Code.

What's happening now February 15, 2002

Sponsor introductory remarks on measure. (CR E172-173)

Committees of jurisdiction 1