An Act to amend the Internal Revenue Code of 1954 with respect to the treatment of mutual or cooperative telephone company income from nonmember telephone companies, and for other purposes.
Public Law 95-345 · H.R. 7581 · 95th Congress · began in the House
Signed by Jimmy Carter (D) on Aug 15, 1978 · Taxation
Sponsor: Rep. Kenneth Holland (D-SC-5)
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.
(House agreed to Senate amendment with an amendment)
Amends the Internal Revenue Code to provide that income received from nonmember telephone companies shall not be used in determining whether mutual and cooperative telephone companies qualify as tax exempt organizations.
Provides that the lending of securities to a broker and the return to the lender of identical securities does not constitute a taxable sale or exchange of the securities and no gain or loss is recognized by the tax exempt organization. Provides that the payments on such securities loans are not to be treated as unrelated business taxable income for tax exempt organizations.
Authorizes the use of the "completed crop pool method of accounting" by cooperative organizations engaged in pooling arrangements for the marketing of products with respect to currently open crop pools and crop pools opened prior to March 1, 1978.
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. 15 actions.
- Aug 15, 1978Became lawBecame law · Signed by President.
- PresidentPresident · Public Law 95-345.
- Aug 4, 1978PresidentPresident · Measure presented to President.
- Aug 3, 1978PresidentPresident · Measure enrolled in Senate.
- PresidentPresident · Measure enrolled in House.
- Aug 2, 1978Resolving differencesResolving differences · Senate agreed to House amendments.
- Jun 14, 1978Resolving differencesResolving differences · House agreed to Senate amendment with an amendment.
- Apr 27, 1978FloorFloor · Measure passed Senate, amended.
- Apr 25, 1978CommitteeCommittee · Reported by Senate Finance Committee
- Jan 25, 1978CommitteeCommittee · Referred to Senate Finance Committee
- Jan 24, 1978FloorFloor · Measure passed House.
- FloorFloor · Measure called up under motion to suspend rules and pass in House.
- Oct 25, 1977CommitteeCommittee · Reported by House Ways and Means Committee
- Jun 2, 1977CommitteeCommittee · 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.