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An Act to amend section 584 of the Internal Revenue Code of 1954 with respect to the treatment of affiliated banks for purposes of the common trust fund provisions of such code

Act Details

An Act to amend section 584 of the Internal Revenue Code of 1954 with respect to the treatment of affiliated banks for purposes of the common trust fund provisions of such code was, as a bill, a proposal (now, a piece of legislation) introduced on 1975-03-18 in the House of Commons and Senate respectively of the 94 United States Congress by Barber Benjamin Conable in relation with: Banking law, Finance and financial sector, Taxation, Trusts and trustees, Withholding tax.

An Act to amend section 584 of the Internal Revenue Code of 1954 with respect to the treatment of affiliated banks for purposes of the common trust fund provisions of such code became law (1) in the United States on 1976-09-17

It was referred to the following Committee(s): (2)

House Ways and Means (HSWM)
Senate Finance (SSFI)

Sponsor

Barber Benjamin Conable, member of the US congress
Barber Benjamin Conable, Republican, Representative from New York, district 30

The proposal had the following cosponsors:

Henry Jackson, Democrat, Senator, from Washington
Lee Warren Metcalf, Democrat, Senator, from Montana

Act Overview

Number: 5071 (3)
Official Title as Introduced: A bill to amend section 584 of the Internal Revenue Code of 1954 with respect to the treatment of affiliated banks for purposes of the common trust fund provisions of such code (4)
Date First Introduced: 1975-03-18
Sponsor Name: Barber Benjamin Conable
Assignment Process: See Committe Assignments (5)
Latest Major Activity/Action: Enacted
Date Enacted (signed, in general (6), by President): 1976-09-17
Type: hr (7)
Main Topic: Taxation
Summary of An Act to amend section 584 of the Internal Revenue Code of 1954 with respect to the treatment of affiliated banks for purposes of the common trust fund provisions of such code: Govtrack. Authored by the Congressional Research Service (CRS) of the Library of Congress.
Primary Source: Congress Website

Text of the An Act to amend section 584 of the Internal Revenue Code of 1954 with respect to the treatment of affiliated banks for purposes of the common trust fund provisions of such code

(Measure passed Senate amended) Revises the Internal Revenue Code to treat two or more banks which are members of the same affiliated group as one bank for the period of affiliation with respect to any common trust fund of which any of the member banks is trustee or two or more of the member banks are co-trustees. Makes such revision effective for taxable years beginning after December 31 1975. Extends until October 1 1976 the current income tax withholding rates.

Act Notes

[Note 1] An Act (like An Act to amend section 584 of the Internal Revenue Code of 1954 with respect to the treatment of affiliated banks for purposes of the common trust fund provisions of such code) or a resolution cannot become a law in the United States until it has been approved (passed) in identical form by both the House of Representatives and the Senate, as well as signed by the President (but see (5)). If the two bodys of the Congress versions of an Act are not identical, one of the bodies might decide to take a further vote to adopt the bill (see more about the Congress process here). An Act may be pass in identical form with or without amendments and with or without conference. (see more about Enrollment).
[Note 2] Proposals are referred to committees for preliminary consideration, then debated, amended, and passed (or rejected) by the full House or Senate. To prevent endless shuttling of bills between the House and Senate, bills like An Act to amend section 584 of the Internal Revenue Code of 1954 with respect to the treatment of affiliated banks for purposes of the common trust fund provisions of such code are referred to joint committees made up of members of both houses.
[Note 3] For more information regarding this legislative proposal, go to THOMAS, select “Bill Number,” search on (An Act to amend section 584 of the Internal Revenue Code of 1954 with respect to the treatment of affiliated banks for purposes of the common trust fund provisions of such code)
[Note 4] A bill to amend section 584 of the Internal Revenue Code of 1954 with respect to the treatment of affiliated banks for purposes of the common trust fund provisions of such code. The current official title of a bill is always present, assigned at introduction (for example, in this case, on 1975-03-18) and can be revised any time. This type of titles are sentences.
[Note 5] The Act is referred to the appropriate committee by the Speaker of any of the two Houses. Bills are placed on the calendar of the committee to which they have been assigned. See Assignment Process.
[Note 6] Regarding exceptions to President´s approval, a bill that is not signed (returned unsigned) by the President can still become law if at lest two thirds of each of the two bodys of the Congress votes to pass it, which is an infrequent case. See also Presidential Veto.
[Note 7] Legislative Proposal types can be: hr, hres, hjres, hconres, s, sres, sjres, sconres. A bill originating in the Senate is designated by the letter “S”, and a bill originating from the House of Representatives begins with “H.R.”, followed, in both cases, by its individual number which it retains throughout all its parliamentary process.
[Note 8] For information regarding related bill/s to An Act to amend section 584 of the Internal Revenue Code of 1954 with respect to the treatment of affiliated banks for purposes of the common trust fund provisions of such code, go to THOMAS.

Analysis

No analysis (criticism, advocacy, etc.) about An Act to amend section 584 of the Internal Revenue Code of 1954 with respect to the treatment of affiliated banks for purposes of the common trust fund provisions of such code submitted yet.

Banking law
Finance and financial sector
Taxation
Trusts and trustees
Withholding tax

An Act to amend section 584 of the Internal Revenue Code of 1954 with respect to the treatment of affiliated banks for purposes of the common trust fund provisions of such code

An Act to amend section 584 of the Internal Revenue Code of 1954 with respect to the treatment of affiliated banks for purposes of the common trust fund provisions of such code