Tax Hike Prevention Act of 2010

Summary

Tax Hike Prevention Act of 2010 - Repeals the general terminating date (i.e., December 31, 2010) applicable to tax relief provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), thus making such provisions permanent. Repeals the provision of the Jobs and Growth Tax Relief Reconciliation Act of 2003 terminating the reductions in tax rates for capital gains and dividends, thus making such reductions permanent. Repeals provisions of EGTRRA repealing the estate and generation-skipping transfer taxes after 2009, thus restoring such taxes, subject to the amendments made by this Act. Restores the step-up in basis tax treatment of inherited estate assets. Amends the Internal Revenue Code to: (1) provide for annual increases in the alternative minimum tax (AMT) exemption amount during the period of 2010 through 2020; (2) expand offsets against the AMT for certain nonrefundable tax credits; (3) retain marriage penalty relief provisions and the increased child tax credit; (4) revise the estate tax by imposing a permanent maximum estate tax rate of 35% and allowing a permanent estate tax exclusion amount of $5 million (adjusted annually for inflation) after 2009; and (5) allow a surviving spouse to increase the estate tax exclusion amount by the unused exclusion amount of his or her deceased spouse. Allows the executor of any estate of a decedent dying in 2010 to elect to apply existing provisions of the Internal Revenue Code of 1986 without regard to specified provisions of this Act.

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Timeline

1. 13 September 2010

   Introduced

   Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time. (text of measure as introduced: CR S7042-7044)

   Source: Calendars

2. 13 September 2010

   Introduced

   Sponsor introductory remarks on measure. (CR S7004-7005)

   Source: IntroReferral

3. 13 September 2010

   Introduced

   Introduced in Senate

   Source: IntroReferral

4. 14 September 2010

   Calendars

   Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 562.

   Source: Calendars

Votes

No vote records are attached yet.

Versions

• Placed on Calendar Senate · 14 September 2010 · Official file

Documents

3 official files

• Placed on Calendar Senate (text)

  Placed on Calendar Senate · EN · 14 September 2010

  ViewDownloadOpen at official source

• Placed on Calendar Senate (PDF)

  Placed on Calendar Senate · EN · 14 September 2010

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 13 September 2010

  Open at official source

Sponsors

• Mitch McConnell · R · Sponsor
• Chuck Grassley · R · Sponsor
• Rep. Kyl, Jon [R-AZ-4] · R · Sponsor
• Sen. McCain, John [R-AZ] · R · Sponsor
• Rep. Cochran, Thad [R-MS-4] · R · Sponsor
• Sen. Graham, Lindsey [R-SC] · R · Sponsor
• Rep. Roberts, Pat [R-KS-1] · R · Sponsor
• John Cornyn · R · Sponsor
• Rep. Inhofe, James M. [R-OK-1] · R · Sponsor
• Sen. Ensign, John [R-NV] · R · Sponsor
• Sen. Isakson, Johnny [R-GA] · R · Sponsor
• Sen. Brownback, Sam [R-KS] · R · Sponsor
• Sen. Enzi, Michael B. [R-WY] · R · Sponsor
• Mike Crapo · R · Sponsor
• Sen. Burr, Richard [R-NC] · R · Sponsor
• Sen. Vitter, David [R-LA] · R · Sponsor
• Roger Wicker · R · Sponsor
• Sen. Chambliss, Saxby [R-GA] · R · Sponsor
• Sen. Bond, Christopher S. [R-MO] · R · Sponsor
• Sen. Hutchison, Kay Bailey [R-TX] · R · Sponsor
• Sen. Hatch, Orrin G. [R-UT] · R · Sponsor
• Sen. Bennett, Robert F. [R-UT] · R · Cosponsor
• James Risch · R · Cosponsor
• Sen. Shelby, Richard C. [D-AL] · R · Cosponsor
• John Thune · R · Cosponsor
• Lisa Murkowski · R · Cosponsor
• Sen. Johanns, Mike [R-NE] · R · Cosponsor
• Sen. LeMieux, George S. [R-FL] · R · Cosponsor

Related records

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