Tax Expenditure Review Act

[AI summary unavailable — showing source text] Tax Expenditure Review Act - States that for purposes of this Act the term "tax expenditures" means those revenue losses attributable to provisions of the Federal tax laws which allow a special exclusion, exemption, or deduction from gross income or which provide a special credit, a preferential rate of tax, or a deferral of tax liability. Terminates the following tax expenditure provisions of the Internal Revenue Code with respect to taxable years beginning after December 31, 1978: (1) group-term life insurance for employees; (2) exclusion of specified dividends; (3) exclusion of meals and lodgings provided for employees, (4) class life system for depreciation, (5) capital gain treatment for timber, coal, and domestic iron ore, and (6) maximum rate of tax on earned income. Directs the House Committee on Ways and Means and the Senate Committee on Finance to conduct a comprehensive review of the tax expenditure provisions listed and to report such review to the respective Houses by June 30, 1978. Requires such a procedure for any future tax expenditure provision. States that it shall not be in order in either House to consider any new tax expenditure provision if it will be in effec…