Permanent Estate Tax Relief Act of 2006

Summary

Permanent Estate Tax Relief Act of 2006 - Amends the Internal Revenue Code to: (1) increase the estate and gift tax exclusion amount to $5 million beginning in 2010; (2) lower to 15% the estate tax rate for estates up to $25 million and 30% for estates of $25 million or more; (3) repeal after 2009 the estate tax deduction for estate, inheritance, legacy, or succession taxes paid to states; (4) allow a surviving spouse to claim any unused portion of a deceased spouse's estate or gift tax exclusion amount; and (5) allow a taxpayer election to deduct from gross income the lesser of 60% of qualified timber gain or net capital gain. Provides that the general termination date of the Economic Growth and Tax Relief Reconciliation Act of 2001(EGTRRA) (i.e., December 31, 2010) shall not apply to the estate, gift, and generation-skipping transfer tax provisions of EGTRRA not amended by this Act. Repeals provisions of EGTRRA relating to carryover basis of estate property to allow heirs of such property after 2009 to use date-of-death fair market values.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 19 June 2006

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 19 June 2006

   Introduced

   Introduced in House

   Source: IntroReferral

3. 19 June 2006

   Introduced

   Introduced in House

   Source: IntroReferral

4. 21 June 2006

   Reported

   Rules Committee Resolution H. Res. 885 Reported to House. Rule provides for consideration of H.R. 5638 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. A specified amendment is in order.

   Source: Floor

5. 22 June 2006

   Vote

   On motion to table the motion to appeal the ruling of the chair Agreed to by the Yeas and Nays: 229 - 195 (Roll no. 313).

   Source: Floor

6. 22 June 2006

   ResolvingDifferences

   Mr. Thomas moved to table the motion to appeal the ruling of the chair

   Source: ResolvingDifferences

7. 22 June 2006

   Floor

   Mr. Rangel appealed the ruling of the chair.

   Source: Floor

8. 22 June 2006

   ResolvingDifferences

   Mr. Thomas raised a point of order against the motion to recommit with instructions. Mr. Thomas stated that the provisions of the motion to recommit were not germane to the bill. Sustained by the Chair.

   Source: ResolvingDifferences

9. 22 June 2006

   Vote

   On passage Passed by recorded vote: 269 - 156 (Roll no. 315). (text: CR H4445-4448)

   Source: Floor

10. 22 June 2006

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

11. 22 June 2006

    Vote

    Passed/agreed to in House: On passage Passed by recorded vote: 269 - 156 (Roll no. 315).(text: CR H4445-4448)

    Source: Floor

12. 22 June 2006

    Floor

    The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H4465)

    Source: Floor

13. 22 June 2006

    Floor

    Point of order sustained against the motion to recommit with instructions.

    Source: Floor

14. 22 June 2006

    Floor

    Mr. Rangel moved to recommit with instructions to Ways and Means. (consideration: CR H4461-4464; text: CR H4461-4462)

    Source: Floor

15. 22 June 2006

    Floor

    The previous question was ordered pursuant to the rule.

    Source: Floor

16. 22 June 2006

    Floor

    Considered under the provisions of rule H. Res. 885. (consideration: CR H4445-4467)

    Source: Floor

17. 22 June 2006

    Vote

    On motion to consider Agreed to by recorded vote: 238 - 188 (Roll no. 312).

    Source: Calendars

18. 22 June 2006

    Floor

    Ms. Pelosi rose on the question of consideration and pursuant to clause 3, rule 16, demanded a vote on the question of consideration.

    Source: Floor

19. 22 June 2006

    Calendars

    Mr. Thomas moved to consider.

    Source: Calendars

20. 22 June 2006

    Passed

    Rule H. Res. 885 passed House.

    Source: Floor

21. 23 June 2006

    Calendars

    Received in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.

    Source: Calendars

22. 26 June 2006

    Calendars

    Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 496.

    Source: Calendars

Votes

No vote records are attached yet.

Versions

• Placed on Calendar Senate · 26 June 2006 · Official file
• Engrossed in House · 22 June 2006 · Official file
• Introduced in House · 19 June 2006 · Official file

Documents

8 official files

• Placed on Calendar Senate (text)

  Placed on Calendar Senate · EN · 26 June 2006

  ViewDownloadOpen at official source

• Placed on Calendar Senate (PDF)

  Placed on Calendar Senate · EN · 26 June 2006

  ViewDownloadOpen at official source

• Engrossed in House (text)

  Engrossed in House · EN · 22 June 2006

  ViewDownloadOpen at official source

• Engrossed in House (PDF)

  Engrossed in House · EN · 22 June 2006

  ViewDownloadOpen at official source

• Passed House without amendment

  summary · EN · 22 June 2006

  Open at official source

• Introduced in House (text)

  Introduced in House · EN · 19 June 2006

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 19 June 2006

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 19 June 2006

  Open at official source

Sponsors

• Rep. Thomas, William M. [R-CA-20] · R · Sponsor
• Rep. Hulshof, Kenny C. [R-MO-9] · R · Sponsor
• Rep. Cramer, Robert E. (Bud), Jr. [D-AL-5] · D · Sponsor
• Rep. Foley, Mark [R-FL-16] · R · Cosponsor
• Devin Nunes · R · Cosponsor
• Rep. Hayworth, J. D. [R-AZ-5] · R · Cosponsor
• Rep. McCrery, Jim [R-LA-4] · R · Cosponsor
• Rep. Lewis, Ron [R-KY-2] · R · Cosponsor
• Rep. Hart, Melissa A. [R-PA-4] · R · Cosponsor
• Rep. Schmidt, Jean [R-OH-2] · R · Cosponsor
• Rep. Davis, Geoff [R-KY-4] · R · Cosponsor
• Rep. Porter, Jon C. [R-NV-3] · R · Cosponsor
• Louie Gohmert · R · Cosponsor
• Rep. Sherwood, Don [R-PA-10] · R · Cosponsor
• Rep. Ramstad, Jim [R-MN-3] · R · Cosponsor
• Rep. Linder, John [R-GA-7] · R · Cosponsor
• F. SENSENBRENNER · R · Cosponsor
• Rep. Herger, Wally [R-CA-2] · R · Cosponsor
• Rep. Peterson, John E. [R-PA-5] · R · Cosponsor
• Rep. Wilson, Heather [R-NM-1] · R · Cosponsor
• Rep. Shaw, E. Clay, Jr. [R-FL-15] · R · Cosponsor
• Rep. Kennedy, Mark R. [R-MN-6] · R · Cosponsor
• Rep. Manzullo, Donald A. [R-IL-16] · R · Cosponsor
• Pete Sessions · R · Cosponsor
• Rep. Cannon, Chris [R-UT-3] · R · Cosponsor
• Rep. Brown-Waite, Ginny [R-FL-5] · R · Cosponsor
• JOHN DUNCAN · R · Cosponsor
• Rep. Paul, Ron [R-TX-22] · R · Cosponsor
• WALTER JONES · R · Cosponsor
• LAMAR SMITH · R · Cosponsor
• Rep. Kuhl, John R. "Randy", Jr. [R-NY-29] · R · Cosponsor
• Mike Rogers · R · Cosponsor
• Ken Calvert · R · Cosponsor
• Rep. Mica, John L. [R-FL-7] · R · Cosponsor
• Rep. Drake, Thelma D. [R-VA-2] · R · Cosponsor
• Rep. Gibbons, Jim [R-NV-2] · R · Cosponsor
• Rep. Biggert, Judy [R-IL-13] · R · Cosponsor
• Rep. McCaul, Michael T. [R-TX-10] · R · Cosponsor
• Rep. Dreier, David [R-CA-33] · R · Cosponsor
• Rep. Akin, W. Todd [R-MO-2] · R · Cosponsor
• Rep. Putnam, Adam H. [R-FL-12] · R · Cosponsor
• Rep. Latham, Tom [R-IA-3] · R · Cosponsor
• Rep. Johnson, Timothy V. [R-IL-15] · R · Cosponsor
• Rep. Wolf, Frank R. [R-VA-10] · R · Cosponsor
• Rep. Inglis, Bob [R-SC-4] · R · Cosponsor
• Rep. Campbell, John [R-CA-45] · R · Cosponsor
• Rep. Kline, John [R-MN-2] · R · Cosponsor
• Rep. Sullivan, John [R-OK-1] · R · Cosponsor

Showing 48 of 53 sponsors and actors.

Related records

• related to → Timber Tax Act of 2005
• related to → To amend the Internal Revenue Code of 1986 to restore the estate tax and repeal the carryover basis rule, to increase the estate and gift tax unified credit to an exclusion equivalent of $5,000,000, and to reduce the rate of the estate and gifts taxes to the generally applicable capital gains income tax rate.
• related to → Providing for consideration of the bill (H.R. 5638) to amend the Internal Revenue Code of 1986 to increase the unified credit against the estate tax to an exclusion equivalent of $5,000,000 and to repeal the sunset provision for the estate and generation-skipping taxes, and for other purposes.
• related to ← Timber Tax Act of 2005
• related to ← Estate Tax Relief and Reform Act of 2006