Sunset Tax Act

Sunset Tax Act - Provides for the termination of any law or regulation which allows a special tax exclusion, exemption, deduction, credit, deferral or preferential tax rate after five years, or upon the initial termination date established by the Congress under this Act for each such provision. Requires the House Committee on Ways and Means and the Senate Committee on Finance to review each such provision before its termination date and determine whether renewal should be recommended to the Congress. Provides for supportive and ancillary roles by the Joint Committee on Taxation, the Committees on the Budget, the Department of the Treasury, General Accounting Office, Congressional Budget Office, Office of Technology Assessment and Congressional Research Service.