A bill to provide tax treatment for exchanges under the final system plan for ConRail.
Public Law 94-253 · H.R. 12490 · 94th Congress · began in the House
Signed by Gerald Ford (R) on Mar 31, 1976 · Taxation
Sponsor: Rep. Albert Ullman (D-OR-2)
Cosponsors (4): Rep. Henry Helstoski, Rep. William Cotter,
Passage votes
- HouseMethod not stated
- SenateMethod not stated
Data notes
The final version of the law, as each chamber passed it. A chamber that passed it by voice vote or unanimous consent has no count. “Method not stated” means the record does not say how the chamber voted. Where the record has a member-by-member vote, the “Who voted for it” section shows who voted yea.
Summary
The Congressional Research Service’s plain-language summary of what the law does.
Authorizes the nonrecognition of gain or loss, under the Internal Revenue Code, on the transfer of rail properties of a transferor railroad corporation to the Consolidated Rail Corporation pursuant to an order under the Regional Rail Reorganization Act to carry out the final system plan, in exchange solely for stock of the Consolidated Rail Corporation, securities of such Corporation, certificates of value of the United States Railway Association, or any combination thereof.
Prohibits the carryover of any net operating loss of a transferor corporation to the Consolidated Rail Corporation.
Makes technical and conforming amendments.
Permits a Corporation to use specified expired net operating loss carryovers where such Corporation has received an award, settlement, or redemption includable in gross income.
Committees
The committees the bill was sent to, and what each did with it.
Data notes
A committee links to its page only where it exists in the current Congress; older and renamed committees are named without a link.
Timeline
From introduction to signing, newest first: the committees, the floor and the president. 12 actions.
- Mar 31, 1976Became lawBecame law · Signed by President.
- PresidentPresident · Public law 94-253.
- Mar 30, 1976PresidentPresident · Measure presented to President.
- Mar 29, 1976PresidentPresident · Measure enrolled in Senate.
- PresidentPresident · Measure enrolled in House.
- Mar 25, 1976FloorFloor · Measure passed Senate.
- FloorFloor · Measure called up by unanimous consent in Senate.
- Mar 24, 1976FloorFloor · Measure passed House, amended.
- FloorFloor · Measure called up by unanimous consent in House.
- Mar 22, 1976CommitteeCommittee · Reported by House Ways and Means Committee
- Mar 11, 1976CommitteeCommittee · Referred to House Ways and Means Committee
- IntroducedIntroduced · Introduced in the House
Data notes
Shows the introduction, each committee and subcommittee step the source dates (referral, hearings, markup, report, discharge), and the floor, conference, presidential and became-law steps. Calendar placements, messages between the chambers, amendments and committee report numbers are not shown for laws before the 108th Congress. Two entries the source lists twice are shown once.
Official record
The bill’s full text and every action, including introduction and committee steps, are on Congress.gov. Data through Oct 7, 2026.