110 STAT. 1210
PUBLIC LAW 104-130—APR. 9, 1996
members of the association, or the beneficiaries of the
trust or estate shall not also be treated as beneficiaries
of such provision.
"(E) For purposes of this paragraph, the term 'revenuelosing provision' means any provision which results in a reduction in Federal tax revenues for any one of the two following
periods—
"(i) the first fiscal year for which the provision is
effective; or
"(ii) the period of the 5 fiscal years beginning with
the first fiscal year for which the provision is effective.
"(F) The terms used in this paragraph shall have the
same meaning as those terms have generally in the Internal
Revenue Code of 1986, unless otherwise expressly provided.
"(10) OMB. —The term 'OMB' means the Director of the
Office of Management and Budget.
"ID ENTIFICATION OF LIMITED TAX BENEFITS
2 USC 69if.
"SEC. 1027. (a) STATEMENT BY JOINT TAX COMMITTEE. —The
Joint Committee on Taxation shall review any revenue or reconciliation bill or joint resolution which includes any amendment to
the Internal Revenue Code of 1986 that is being prepared for
filing by a committee of conference of the two Houses, and shall
identify whether such bill or joint resolution contains any limited
tax benefits. The Joint Committee on Taxation shall provide to
the committee of conference a statement identifying any such limited tax benefits or declaring that the bill or joint resolution does
not contain any limited tax benefits. Any such statement shall
be made available to any Member of Congress by the Joint Committee on Taxation immediately upon request.
"(b) STATEMENT INCLUDED IN LEGISLATION. — (1) Notwithstanding any other rule of the House of Representatives or any rule
or precedent of the Senate, any revenue or reconciliation bill or
joint resolution which includes any amendment to the Internal
Revenue Code of 1986 reported by a committee of conference of
the two Houses may include, as a separate section of such bill
or joint resolution, the information contained in the statement
of the Joint Committee on Taxation, but only in the manner set
forth in paragraph (2).
Applicability.
"(2) The separate section permitted under paragraph (1) shall
read as follows: 'Section 1021(a)(3) of the Congressional Budget
and Impoundment Control Act of 1974 shall
apply to
. ', with the blank spaces being filled in with—
"(A) in any case in which the Joint Committee on Taxation
identifies limited tax benefits in the statement required under
subsection (a), the word 'only' in the first blank space and
a list of all of the specific provisions of the bill or joint resolution
identified by the Joint Committee on Taxation in such statement in the second blank space; or
"(B) in any case in which the Joint Committee on Taxation
declares that there are no limited tax benefits in the statement
required under subsection (a), the word 'not' in the first blank
space and the phrase 'any provision of this Act' in the second
blank space.
"(c) PRESIDENT'S AUTHORITY.— If any revenue or reconciliation
bill or joint resolution is signed into law pursuant to Article I,
section 7, of the Constitution of the United States—
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