A bill relating to the application of certain provisions of the Internal Revenue Code of 1954 to specified transactions by certain public employee retirement systems created by the State of New York or any of its political subdivisions.
Public Law 95-497 · H.R. 12051 · 95th Congress · began in the House
Signed by Jimmy Carter (D) on Oct 21, 1978 · Taxation
Sponsor: Rep. Charlie Rangel (D-NY-19)
Cosponsors (1): Rep. Barber Conable
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.
Allows certain New York City pension plans to retain their tax-exempt status, until 1982, under the provisions of the Internal Revenue Code, even though they purchase debt obligations issued by or for the City of New York. Permits participating pension plans to acquire city or agency obligations if the agreement is not disapproved by the Secretary of the Treasury.
Stipulates the factors to be taken into account by the Secretary, including: (1) the amount of debt obligations that a plan may acquire; (2) the terms of the obligations to be acquired; (3) the assurances of significant participation by the State or private sources; (4) the progress being made by the city towards a balanced budget; (5) the fact that an acquisition might result in the plan having a negative cash flow in the fiscal year of acquisition; and (6) the necessary reports and audits being submitted by the plans and the city.
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.
- Oct 21, 1978Became lawBecame law · Signed by President.
- PresidentPresident · Public Law 95-497.
- Oct 14, 1978PresidentPresident · Measure presented to President.
- Oct 12, 1978PresidentPresident · Measure enrolled in Senate.
- PresidentPresident · Measure enrolled in House.
- Oct 7, 1978FloorFloor · Measure passed Senate.
- CommitteeCommittee · Discharged from Senate Finance Committee
- Oct 4, 1978CommitteeCommittee · Referred to Senate Finance Committee
- Oct 3, 1978FloorFloor · Measure passed House, amended.
- FloorFloor · Measure called up under motion to suspend rules and pass in House.
- Sep 21, 1978CommitteeCommittee · Reported by House Ways and Means Committee
- Apr 12, 1978CommitteeCommittee · 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.