A resolution providing that additional revenues accruing to the federal government as a result of state property tax reduction be applied only to retirement of the national debt.

Summary

Provides that within six months after the end of the first calendar year during which Proposition 13 is effective, and every year thereafter, the Secretary of the Treasury shall determine the amount of additional revenue collected by the United States Treasury as a result of Proposition 13. Provides that such amount shall be computed by determining, as nearly as practicable, the increase in the Federal income tax liability of taxpayers in California resulting from a decrease in the amount of property tax deductions available to such taxpayers. Earmarks such amount for a special national debt retirement fund and states that moneys from such fund shall be applied only to the retirement of the national debt. Directs the Secretary to utilize this procedure in other cases involving State property tax reductions, which the Congress determines to be similar.

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1 official file

• Introduced in House

  summary · EN · 13 June 1978

  Open at official source

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