A bill to amend section 512(b) (5) of the Internal Revenue Code of 1954 with respect to the tax treatment of the gain on the lapse of options to buy or sell securities.
Public Law 94-396 · H.R. 3052 · 94th Congress · began in the House
Signed by Gerald Ford (R) on Sep 3, 1976 · Finance and Financial Sector
Sponsor: Rep. Daniel Rostenkowski (D-IL-8)
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.
Excludes, under the Internal Revenue Code of 1954, the gain on the lapse of options to buy or sell securities for purposes of computing the tax on the unrelated business income of charitable organizations.
Makes such exclusion applicable on or after January 1, 1976, in taxable years on or after such date.
Continues until September 15, 1976, the current withholding income tax rates.
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. 14 actions.
- Sep 3, 1976Became lawBecame law · Signed by President.
- PresidentPresident · Public law 94-396.
- Sep 1, 1976PresidentPresident · Measure presented to President.
- PresidentPresident · Measure enrolled in Senate.
- PresidentPresident · Measure enrolled in House.
- Resolving differencesResolving differences · House agreed to Senate amendments.
- Aug 31, 1976FloorFloor · Measure passed Senate, amended.
- Aug 26, 1976CommitteeCommittee · Reported by Senate Finance Committee
- Jun 10, 1976CommitteeCommittee · Referred to Senate Finance Committee
- Jun 8, 1976FloorFloor · Measure passed House, amended.
- FloorFloor · Measure called up under motion to suspend rules and pass in House.
- May 14, 1976CommitteeCommittee · Reported by House Ways and Means Committee
- Feb 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.