HR 29 115th Congress House Taxation Economic performance and conditions Employment taxes Financial services and investments Income tax rates Legislative rules and procedure Tax administration and collection, taxpayers Tax reform and tax simplification Tax treatment of families

Tax Code Termination Act

Introduced: January 3, 2017 See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jan 3, 2017

Referred to the Committee on Ways and Means, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Jan 3, 2017

Introduced in House

Plain-English summary Congressional Research Service

Tax Code Termination Act

This bill terminates the Internal Revenue Code of 1986 after December 31, 2021, except for self-employment taxes, Federal Insurance Contributions Act (FICA) taxes, and railroad retirement taxes. A two-thirds majority vote in Congress is required to change such termination date.

The bill declares that any new federal tax system should be a simple and fair system that: (1) applies a low rate to all Americans, (2) provides tax relief for working Americans, (3) protects the rights of taxpayers and reduces tax collection abuses, (4) eliminates the bias against savings and investment, (5) promotes economic growth and job creation, and (6) does not penalize marriage or families.

The new federal tax system must be approved by Congress in its final form by July 4, 2021.

What's happening now January 3, 2017

Committees of jurisdiction 2