An Act to amend section 815 of the Internal Revenue Code to allow a life insurance company to disregard (for purposes of that section) a distribution during the last month of its taxable year, determined to have been made out of the policyholders surplus account, if such distribution is returned to the company not later than the due date for filing its income tax return (including extensions thereof) for that year, and for other purposes.
Public Law 94-331 · H.R. 10051 · 94th Congress · began in the House
Signed by Gerald Ford (R) on Jun 30, 1976 · Taxation
Sponsor: Rep. Joseph Waggonner (D-LA-4)
Cosponsors: None
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.
Provides, under the Internal Revenue Code, that a life insurance company may disregard a distribution during the last month of its taxable year, determined to have been made out of the policyholders surplus account, if such distribution is returned to the company not later than the due date for filing its income tax return (including extensions thereof) for that year.
Provides that this Act shall not affect the tax treatment of the receipt of the distribution by any shareholder, and the basis to a shareholder of his stock in the taxpayer shall not be increased by reason of amounts returned under this Act.
Extends through September 1, 1976, the existing withholding tax rates.
Amends the Social Security Act to provide that Supplemental Security Income recipients who leave their households because of a major disaster will not have their benefits reduced by one-third.
Excludes from countable income under the Supplemental Security Income program assistance received under the Disaster Relief Act of 1974 or other assistance under a major disaster declared by the President.
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. 13 actions.
- Jun 30, 1976Became lawBecame law · Signed by President.
- PresidentPresident · Public law 94-331.
- PresidentPresident · Measure presented to President.
- PresidentPresident · Measure enrolled in Senate.
- PresidentPresident · Measure enrolled in House.
- Jun 29, 1976Resolving differencesResolving differences · House agreed to Senate amendment.
- Jun 28, 1976FloorFloor · Measure passed Senate, amended.
- FloorFloor · Measure called up by unanimous consent in Senate.
- Jun 22, 1976FloorFloor · Measure passed House, amended, roll call #423 (339-66).House roll call 423
- FloorFloor · Measure called up under motion to suspend rules and pass in House.
- Jun 14, 1976CommitteeCommittee · Reported by House Ways and Means Committee
- Oct 6, 1975CommitteeCommittee · 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.