About the bill
The Tax Equity and Fiscal Responsibility Act of 1982 (Pub.L. 97–248), also known as TEFRA, is a United States federal law that rescinded some of the effects of the Kemp-Roth Act passed the year before. Between summer 1981 and summer 1982, tax revenue fell by about 6% in real terms, caused by the dual effects of the economy dipping back into recession (the second dip of the "double dip recession") and Kemp-Roth's reduction in tax rates, and the deficit was likewise rising rapidly because of the fall in revenue, and the rise in government expenditures. The rapid rise in the budget deficit created concern among many in Congress. TEFRA was created in order to reduce the budget gap by generating revenue through closure of tax loopholes, introduction of tougher …
Sponsor and status
97th Congress (1981–1982)
Enacted — Signed by the President on Sep 3, 1982
This bill was enacted after being signed by the President on September 3, 1982.
Read Text »
Last Updated: Sep 3, 1982
12 Cosponsors (8 Democrats, 4 Republicans)
History
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Nov 13, 1981
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Introduced
Bills and resolutions are referred to committees which debate the bill before possibly sending it on to the whole chamber.
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Nov 19, 1981
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Ordered Reported
A committee has voted to issue a report to the full chamber recommending that the bill be considered further. Only about 1 in 4 bills are reported out of committee.
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Dec 15, 1981
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Passed House (Senate next)
The bill was passed in a vote in the House. It goes to the Senate next. The vote was by Voice Vote so no record of individual votes was made.
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Jul 23, 1982
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Passed Senate with Changes (back to House)
The Senate passed the bill with changes not in the House version and sent it back to the House to approve the changes.
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Aug 19, 1982
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Conference Report Agreed to by Senate (House next)
A conference committee was formed, comprising members of both the House and Senate, to resolve the differences in how each chamber passed the bill. The Senate approved the committee's report proposing the final form of the bill for consideration in both chambers. The House must also approve the conference report.
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Sep 3, 1982
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Enacted — Signed by the President
The President signed the bill and it became law.
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Sep 3, 1982
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Text Published
Updated bill text was published as of Passed Congress. |
H.R. 4961 (97th) was a bill in the United States Congress.
A bill must be passed by both the House and Senate in identical form and then be signed by the President to become law.
Bills numbers restart every two years. That means there are other bills with the number H.R. 4961. This is the one from the 97th Congress.
This bill was introduced in the 97th Congress, which met from Jan 5, 1981 to Dec 23, 1982. Legislation not passed by the end of a Congress is cleared from the books.
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“H.R. 4961 — 97th Congress: Tax Equity and Fiscal Responsibility Act of 1982.” www.GovTrack.us. 1981. July 25, 2024 <https://www.govtrack.us/congress/bills/97/hr4961>
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GovTrack automatically collects legislative information from a variety of governmental and non-governmental sources. This page is sourced primarily from Congress.gov, the official portal of the United States Congress. Congress.gov is generally updated one day after events occur, and so legislative activity shown here may be one day behind. Data via the congress project.