Tax Policy Review Act

Tax Policy Review Act - Title I: Provisions to Terminate on January 1, 1975 - Provides that the following provisions of the Internal Revenue Code of 1954 shall terminate on January 1, 1975: (1) the $30,000 exemption and deduction of regular income taxes for the minimum tax on tax preferences, (2) treatment of group-term life insurance purchased for employees, (3) exclusion from gross income of $5,000 employee's death benefit, (4) exemption from tax of $100 of dividends received by individuals, (5) treatment of loss from certain nonbusiness guaranties, (6) twenty-percent variation under the asset depreciation range system, (7) capital gain treatment for lump-sum distribution from pension funds, (8) treatment of employee stock options, (9) tax exemption of credit unions and mutual insurance funds for certain financial institutions, (10) treatment of bad debt reserves of banks and other financial institutions, (11) percentage depletion for oil, gas, and other minerals, (12) capital gain for timber, coal, and iron ore royalties, (13) exclusion of gross-up on dividends of less developed countries corporations, (14) exemption of earned income from foreign sources, (15) alternative tax on capital gains, (16) rules for recapture of depreciation on sale at gain of real property, and (17) special exemptions for excess deductions account for farm losses.

Title II: Provisions to Terminate on January 1, 1976 - Provides that the following provisions of the Internal Revenue Code of 1954 shall terminate on January 1, 1976: (1) exclusion from gross income of amounts received as sick pay, (2) deduction of nonbusiness interest and taxes, (3) fast depreciation methods, (4) deduction of research and experimental expenditures, (5) deduction of soil and water conservation expenditures, (6) additional first-year depreciation allowance, (7) deduction of expenditures for clearing land, (8) amortization of railroad grading and tunnel bores, (9) deduction of intangible drilling and development costs, (10) deduction of development expenditures in the case of mines, (11) tax exemption for ships under foreign flag, (12) special deduction for a Western Hemisphere trade corporation, (13) exemption of income from sources within possessions of United States, (14) exclusion from subpart F income of shipping profits and certain dividends, interest, and gains, (15) tax exemption for a DISC, (16) step-up in tax basis of property acquired from decedent, and (17) capital gains on sale or exchange of patents.

Title III: Provisions to Terminate on January 1, 1977 - Provides that the following provisions of the Internal Revenue Code of 1954 shall terminate on January 1, 1977: (1) corporate surtax exemption, (2) retirement income credit, (3) credit or deduction for contributions to candidates for public office, (4) investment credit, (5) tax-exempt interest, (6) exclusion from gross income of rental value of parsonages, (7) exclusion from gross income of scholarship and fellowship grants, (8) exclusion from gross income of gain on the sale of residence by person over 65, (9) additional exemption for age 65 or blindness of taxpayer or spouse, (10) exemption for child whose income exceeds $750, (11) deduction for nonbusiness casualty losses, (12) charitable contribution deductions, (13) medical expense deduction, (14) household and dependent care deduction, (15) deduction of moving expenses, (16) nonrecognition of gain on appreciated property used to redeem stock, (17) nonrecognition of gain in connection with certain liquidations, and (18) deduction for capital gains.