Summary: H.R.2797 — 96th Congress (1979-1980)All Information (Except Text)

Bill summaries are authored by CRS.

Shown Here:
Senate receded and concurred with amendment (03/18/1980)

(Senate receded from certain of its amendment and concurred with an amendment)

Technical Corrections Act of 1979 - Provides, for purposes of making the investment tax credit rate permanent, that the Energy Tax Act of 1978 will be deemed to have been enacted prior to the Revenue Act of 1978.

=Title I: Amendments Related to Revenue Act of 1978= - Makes technical corrections to the Revenue Act of 1978 with respect to: (1) the earned income credit; (2) railroad unemployment compensation; (3) cafeteria-type employee benefit plans; (4) employee stock ownership plans (ESOP); (5) simplified employee pension plans; (6) defined benefit plans; (7) custodial accounts for regulated investment companies; (8) individual retirement accounts (IRA's); (9) "at risk" rules for business loss deductions; (10) the investment tax credit; (11) the targeted jobs credit; (12) industrial development bonds; (13) the ordinary loss deduction for small business corporation stock (14) the deficiency dividend procedure for regulated investment companies; (15) self-insured medical reimbursement plans; (16) net operating loss deductions; (17) capital gains for individuals and corporations; (18) the minimum tax; (19) the maximum tax; (20) Tax Court administration; (21) refund adjustments for amounts held under claim of right; (22) estate and gift tax provisions; (23) carryover basis rule; (24) the tax treatment of cooperative housing corporations; (25) the tax treatment of environmental protection cost-sharing payments; and (26) general stock ownership corporations.

Makes certain technical and clerical corrections to provisions of the Tax Reform Act of 1976.

Makes certain technical and clerical corrections to provisions of the Foreign Earned Income Act of 1978 (relating to housing and travel expenses), the Black Lung Benefits Revenue Act of 1977, and the Energy Tax Act of 1978.

=Title II: General Effective Date= - Provides that any technical amendment made by title I of this Act shall take effect as if it had been included in the provision of the Revenue Act of 1978 to which it relates.