A concurrent resolution expressing the sense of the Congress that Federal tax reform legislation not take effect until its date of enactment, but in no case earlier than July 1, 1986.

Expresses the sense of the Congress that no part of any tax reform legislation based on the President's tax reform proposal submitted to the Congress on May 29, 1985, shall: (1) take effect before its date of enactment, but in no case earlier than July 1, 1986; or (2) apply to transactions occurring pursuant to a binding contract in effect prior to its date of enactment.