An act to amend the Internal Revenue Code of 1954 with respect to net operating loss carryovers of taxpayers who cease to be real estate investment trusts, to increase interest rates on certain United States retirement bonds, and for other purposes.
Public Law 96-595 · H.R. 4968 · 96th Congress · began in the House
Signed by Jimmy Carter (D) on Dec 24, 1980 · Taxation
Sponsor: Rep. Wyche Fowler (D-GA-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.
Amends the Internal Revenue Code to allow a trust which was formerly a real estate investment trust an additional year to carry forward its net operating losses (up to a maximum of eight years) for each year that such trust was denied a net operating loss carryback due to its status as a real estate investment trust prior to the Tax Reform Act of 1976.
Authorizes the Secretary of the Treasury, with the approval of the President, to increase the interest yield on outstanding retirement bonds to make such yield consistent with the interest rates for new issues of such bonds.
Makes technical amendments to several provisions of the Internal Revenue Code pertaining to General Stock Ownership Corporations.
Amends the Internal Revenue Code to permit employees of charitable organizations (other than private foundations) working in underdeveloped countries to elect, in lieu of the income tax deduction for excess foreign living costs, an income tax exclusion equal to $20,000.
Sets forth arbitrage requirements for mortgage revenue bonds.
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. 17 actions.
- Dec 24, 1980Became lawBecame law · Signed by President.
- PresidentPresident · Public Law 96-595.
- Dec 16, 1980PresidentPresident · Measure presented to President.
- PresidentPresident · Measure enrolled in Senate.
- PresidentPresident · Measure enrolled in House.
- Dec 13, 1980Resolving differencesResolving differences · House agreed to Senate amendments.
- FloorFloor · Measure passed Senate, amended.
- Nov 25, 1980CommitteeCommittee · Reported by Senate Finance Committee
- Nov 19, 1980CommitteeCommittee · Referred to Senate Finance Committee
- Nov 17, 1980FloorFloor · Measure passed House, amended.
- FloorFloor · Measure called up under motion to suspend rules and pass in House.
- Jun 17, 1980FloorFloor · Measure failed of passage in House under suspension of rules, roll call #334 (214-196).House roll call 334
- FloorFloor · Failed of passage/not agreed to in House: Measure failed of passage in House under suspension of rules, roll call #334 (214-196).House roll call 334
- FloorFloor · Measure called up under motion to suspend rules and pass in House.
- May 21, 1980CommitteeCommittee · Reported by House Ways and Means Committee
- Jul 26, 1979CommitteeCommittee · 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.