Taxflation Protection Act of 1990

Taxflation Protection Act of 1990 - Amends the Internal Revenue Code to revise the method of rounding used in adjusting tax rates and certain other amounts for inflation.

 
HR 4488 IH
101st CONGRESS
2d Session
 H. R. 4488
To amend the Internal Revenue Code of 1986 with respect to method of rounding
used in adjusting tax rates and certain other amounts for inflation.
IN THE HOUSE OF REPRESENTATIVES
April 4, 1990
Mr. HASTERT introduced the following bill; which was referred to the Committee
on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 with respect to method of rounding
used in adjusting tax rates and certain other amounts for inflation.
  Be it enacted by the Senate and House of Representatives of the United
  States of America in Congress assembled,
SECTION 1. SHORT TITLE.
  This Act may be cited as the `Taxflation Protection Act of 1990'.
SEC. 2. MODIFICATIONS TO INDEXING PROVISIONS.
  (a) Paragraph (6) of section 1(f) of the Internal Revenue Code of 1986
  (relating to rounding) is amended to read as follows:
  `(6) ROUNDING- If any increase determined under paragraph (2)(A), subsection
  (g)(4), section 63(c)(1), or section 151(d)(3) is not a multiple of $10,
  such increase shall be rounded to the nearest multiple of $10.'
  (b) The amendment made by subsection (a) shall apply to taxable years
  beginning after December 31, 1990.