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Publication Date: August 1998
Publisher: Library of Congress. Congressional Research Service
Author(s):
Research Area: Banking and finance
Type:
Abstract:
The Tax Code Termination Act, introduced by Senator Hutchinson (S. 1673) and Congressman Largent (H.R. 3097), was passed by the House in June. This act would “sunset†(repeal) the Internal Revenue Code of 1986 on December 31, 2002 and would require that any new federal tax system that is adopted be approved not later than July 4, 2002. The measure failed in the Senate as an amendment to an appropriations bill by a 49 to 49 vote.