Public Law 99-514
Tax Reform Act of 1986
Summary
An Act “to reform the internal revenue laws of the United States.” This Act was a major amendment to the Internal Revenue Code of 1954, which it supplants in statutory references. It is significant in budget law in that it effects revenue and tax expenditures, both important concepts in the subject area. It did not directly amend Congressional budget law, other than to the extent references to the “Internal Revenue Code of 1954” were replaced by the “Internal Revenue Code of 1986”.
Statutory Text: Tax Reform Act of 1986
General Information
Public Law: Pub. L. 99-51
Stat. At Large: 100 Stat. 2085
Enacted: Oct. 22, 1986
Bill Number: H.R. 3838 (99th Congress)
Sponsor: Rep. Rostenkowski, Dan [D-IL-8]
Note: Unlike certain other tax reform bills, like the Omnibus Reconciliation Act of 1990 and the Economic Growth and Taxpayer Relief Reconciliation Act of 2001, the Tax Reform Act of 1986 was not enacted pursuant to reconciliation instructions.
Applicable Text of Statute
The Tax Reform Act of 1986 did not directly amend the Congressional budget laws, but it did by reference make changes to any references in those laws to the “Tax Reform Act of 1954” such as the case in section 401(d)(B) of the Congressional Budget Act of 1974, as enacted.
SEC. 2. INTERNAL REVENUE CODE OF 1986.
(a) Redesignation of 1954 Code.—The Internal Revenue Title enacted August 16, 1954, as heretofore, hereby, or hereafter amended, may be cited as the “Internal Revenue Code of 1986″.
(b) References in laws, Etc.—Except when inappropriate, any reference in any law, Executive order, or other document-
(1) to the Internal Revenue Code of 1954 shall include a reference to the Internal Revenue Code of 1986, and
(2) to the Internal Revenue Code of 1986 shall include a reference to the provisions of law formerly known as the Internal Revenue Code of 1954.
SEC. 3. AMENDMENT OF 1986 CODE; COORDINATION WITH SECTION 15.
(a) Amendment of 1986 Code.—Except as otherwise expressly provided, whenever in this Act an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986.
(b) Coordination with Section 15.—
(1) In General.—Except as provided in paragraph (2), for purposes of section 15 of the Internal Revenue Code of 1986, no amendment or repeal made by this Act shall be treated as a change in the rate of a tax imposed by chapter 1 of such Code.
(2) Exception.—Paragraph (1) shall not apply to the amendment made by section 601 (relating to corporate rate reductions).
