Resolution providing for the consideration of H.R. 10612. A bill to reform the tax laws of the United States.

Provides that upon the adoption of this resolution it shall be in order to move that the House resolve itself into the Committee of the Whole House on the State of the Union for the consideration of the bill (H.R. 10612) to reform the tax laws of the United States, and all points of order against said bill for failure to comply with the provisions of clause 3, rule XIII are hereby waived. Directs that after general debate, which shall be confined to the bill and shall continue not to exceed six hours, to be equally divided and controlled by the chairman and ranking minority member of the Committee on Ways and Means, the bill shall be considered as having been read for amendment. Provides that no amendment to said bill in the Committee of the Whole or in the House shall be in order except the following: (1) amendments offered by direction of the Committee on Ways and Means, but said amendments shall not be subject to amendment; (2) the following amendments inserted in the Congressional Record of November 14, 1975 by Representative Mikva on pages H11243-4 under the headings "Real Property", Minimum Tax", "Portofolio Investments in United States of Nonresident Aliens and Foreign Corporations", "DISC Base Period", and "Capital Loss Carryback for Individuals" respectively; (3) the amendment inserted in the Congressional Record of November 14, 1975 by Representative Jones of Oklahoma on pages H11247-51 under the heading "Minimum Tax for Individuals"; and (4) the amendment inserted in the Congressional Record of November 19, 1975 by Representative Smith of Iowa on page H11499, and said amendments shall not be subject to amendment except amendments offered by direction of the Committee on Ways and Means. States that, at the conclusion of the consideration of the bill for amendment, the Committee shall rise and report the bill to the House with such amendments as may have been adopted, and the previous question shall be considered as ordered on the bill and amendments thereto to final passage without intervening motion except one motion to recommit.