Sponsor:

Rep. Gubser, Charles S. [R-CA-10] (Introduced 01/03/1973)

Summary:

Summary: H.R.618 — 93rd Congress (1973-1974)

There is one summary for this bill. Bill summaries are authored by CRS. Shown Here:
Introduced in House (01/03/1973) Provides, under the Internal Revenue Code, that if there is a budget surplus for the fiscal year ending June 30, 1971, or for any fiscal year thereafter, there shall be allowed to each individual, as a credit against income tax for his first taxable year ending after the close of such fiscal year, an amount determined by multiplying: the amount of tax imposed under the Internal Revenue Code for the taxable year, reduced by the sum of the credits allowable for such year a percentage determined by the Secretary of the Treasury. Provides that the Secretary shall estimate such percentage as follows: (1) first, he shall estimate the amount of individual income taxes that will be received in the Treasury during the calendar year in which such fiscal year ends; and (2) then he shall determine that percentage which one-half of the budget surplus for such fiscal year is of the amount estimated under part (1). (Adds 36 U.S.C. 39)

Major Actions:

Summary: H.R.618 — 93rd Congress (1973-1974)

There is one summary for this bill. Bill summaries are authored by CRS. Shown Here:
Introduced in House (01/03/1973) Provides, under the Internal Revenue Code, that if there is a budget surplus for the fiscal year ending June 30, 1971, or for any fiscal year thereafter, there shall be allowed to each individual, as a credit against income tax for his first taxable year ending after the close of such fiscal year, an amount determined by multiplying: the amount of tax imposed under the Internal Revenue Code for the taxable year, reduced by the sum of the credits allowable for such year a percentage determined by the Secretary of the Treasury. Provides that the Secretary shall estimate such percentage as follows: (1) first, he shall estimate the amount of individual income taxes that will be received in the Treasury during the calendar year in which such fiscal year ends; and (2) then he shall determine that percentage which one-half of the budget surplus for such fiscal year is of the amount estimated under part (1). (Adds 36 U.S.C. 39)

Amendments:

Summary: H.R.618 — 93rd Congress (1973-1974)

There is one summary for this bill. Bill summaries are authored by CRS. Shown Here:
Introduced in House (01/03/1973) Provides, under the Internal Revenue Code, that if there is a budget surplus for the fiscal year ending June 30, 1971, or for any fiscal year thereafter, there shall be allowed to each individual, as a credit against income tax for his first taxable year ending after the close of such fiscal year, an amount determined by multiplying: the amount of tax imposed under the Internal Revenue Code for the taxable year, reduced by the sum of the credits allowable for such year a percentage determined by the Secretary of the Treasury. Provides that the Secretary shall estimate such percentage as follows: (1) first, he shall estimate the amount of individual income taxes that will be received in the Treasury during the calendar year in which such fiscal year ends; and (2) then he shall determine that percentage which one-half of the budget surplus for such fiscal year is of the amount estimated under part (1). (Adds 36 U.S.C. 39)

Cosponsors:

Summary: H.R.618 — 93rd Congress (1973-1974)

There is one summary for this bill. Bill summaries are authored by CRS. Shown Here:
Introduced in House (01/03/1973) Provides, under the Internal Revenue Code, that if there is a budget surplus for the fiscal year ending June 30, 1971, or for any fiscal year thereafter, there shall be allowed to each individual, as a credit against income tax for his first taxable year ending after the close of such fiscal year, an amount determined by multiplying: the amount of tax imposed under the Internal Revenue Code for the taxable year, reduced by the sum of the credits allowable for such year a percentage determined by the Secretary of the Treasury. Provides that the Secretary shall estimate such percentage as follows: (1) first, he shall estimate the amount of individual income taxes that will be received in the Treasury during the calendar year in which such fiscal year ends; and (2) then he shall determine that percentage which one-half of the budget surplus for such fiscal year is of the amount estimated under part (1). (Adds 36 U.S.C. 39)

Sponsor:

Rep. Gubser, Charles S. [R-CA-10] (Introduced 01/03/1973)

Summary:

Summary: H.R.618 — 93rd Congress (1973-1974)

There is one summary for this bill. Bill summaries are authored by CRS. Shown Here:
Introduced in House (01/03/1973) Provides, under the Internal Revenue Code, that if there is a budget surplus for the fiscal year ending June 30, 1971, or for any fiscal year thereafter, there shall be allowed to each individual, as a credit against income tax for his first taxable year ending after the close of such fiscal year, an amount determined by multiplying: the amount of tax imposed under the Internal Revenue Code for the taxable year, reduced by the sum of the credits allowable for such year a percentage determined by the Secretary of the Treasury. Provides that the Secretary shall estimate such percentage as follows: (1) first, he shall estimate the amount of individual income taxes that will be received in the Treasury during the calendar year in which such fiscal year ends; and (2) then he shall determine that percentage which one-half of the budget surplus for such fiscal year is of the amount estimated under part (1). (Adds 36 U.S.C. 39)

Major Actions:

Summary: H.R.618 — 93rd Congress (1973-1974)

There is one summary for this bill. Bill summaries are authored by CRS. Shown Here:
Introduced in House (01/03/1973) Provides, under the Internal Revenue Code, that if there is a budget surplus for the fiscal year ending June 30, 1971, or for any fiscal year thereafter, there shall be allowed to each individual, as a credit against income tax for his first taxable year ending after the close of such fiscal year, an amount determined by multiplying: the amount of tax imposed under the Internal Revenue Code for the taxable year, reduced by the sum of the credits allowable for such year a percentage determined by the Secretary of the Treasury. Provides that the Secretary shall estimate such percentage as follows: (1) first, he shall estimate the amount of individual income taxes that will be received in the Treasury during the calendar year in which such fiscal year ends; and (2) then he shall determine that percentage which one-half of the budget surplus for such fiscal year is of the amount estimated under part (1). (Adds 36 U.S.C. 39)

Amendments:

Summary: H.R.618 — 93rd Congress (1973-1974)

There is one summary for this bill. Bill summaries are authored by CRS. Shown Here:
Introduced in House (01/03/1973) Provides, under the Internal Revenue Code, that if there is a budget surplus for the fiscal year ending June 30, 1971, or for any fiscal year thereafter, there shall be allowed to each individual, as a credit against income tax for his first taxable year ending after the close of such fiscal year, an amount determined by multiplying: the amount of tax imposed under the Internal Revenue Code for the taxable year, reduced by the sum of the credits allowable for such year a percentage determined by the Secretary of the Treasury. Provides that the Secretary shall estimate such percentage as follows: (1) first, he shall estimate the amount of individual income taxes that will be received in the Treasury during the calendar year in which such fiscal year ends; and (2) then he shall determine that percentage which one-half of the budget surplus for such fiscal year is of the amount estimated under part (1). (Adds 36 U.S.C. 39)

Cosponsors:

Summary: H.R.618 — 93rd Congress (1973-1974)

There is one summary for this bill. Bill summaries are authored by CRS. Shown Here:
Introduced in House (01/03/1973) Provides, under the Internal Revenue Code, that if there is a budget surplus for the fiscal year ending June 30, 1971, or for any fiscal year thereafter, there shall be allowed to each individual, as a credit against income tax for his first taxable year ending after the close of such fiscal year, an amount determined by multiplying: the amount of tax imposed under the Internal Revenue Code for the taxable year, reduced by the sum of the credits allowable for such year a percentage determined by the Secretary of the Treasury. Provides that the Secretary shall estimate such percentage as follows: (1) first, he shall estimate the amount of individual income taxes that will be received in the Treasury during the calendar year in which such fiscal year ends; and (2) then he shall determine that percentage which one-half of the budget surplus for such fiscal year is of the amount estimated under part (1). (Adds 36 U.S.C. 39)