H.R. 2143 - Permanent Death Tax Repeal Act of 2001
| COMMITTEE ACTION: HEARING HELD on Tuesday, June 4, 2002. REPORTED BY VOICE VOTE, on Wednesday, June 5, 2002. FLOOR ACTION: ADOPTED BY RECORD VOTE OF 227 - 197, on Wednesday, May 22, 2002, after AGREEING TO THE PREVIOUS QUESTION 223 - 201. |
| MANAGERS: HASTINGS (WA)/HASTINGS (FL) |
| 107th Congress 2nd Session |
H.R. 2143 - Permanent Death Tax Repeal Act of 2001
1. Modified closed rule.
2. Provides one hour of debate in the House equally divided and controlled by the chairman and ranking minority member of the Committee on Ways and Means.
3. Provides for consideration of the amendment in the nature of a substitute printed in the Rules Committee report accompanying the resolution, if offered by Representative Rangel or his designee, which shall be considered as read and shall be separately debatable for one hour equally divided and controlled by the proponent and an opponent.
4. Waives all points of order against the amendment in the nature of a substitute.
5. Provides one motion to recommit with or without instructions.
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RESOLUTION
Resolved, That upon the adoption of this resolution it shall be in order to consider in the House the bill (H.R. 2143) to make the repeal of the estate tax permanent. The bill shall be considered as read for amendment. The previous question shall be considered as ordered on the bill and on any amendment thereto to final passage without intervening motion except: (1) one hour of debate on the bill equally divided and controlled by the chairman and ranking minority member of the Committee on Ways and Means; (2) the amendment in the nature of a substitute printed in the report of the Committee on Rules accompanying this resolution, if offered by Representative Rangel of New York or his designee, which shall be in order without intervention of any point of order, shall be considered as read, and shall be separately debatable for one hour equally divided and controlled by the proponent and an opponent; and (3) one motion to recommit with or without instructions.
SUMMARY OF THE AMENDMENT MADE IN ORDER
Rangel/Pomeroy/Thurman - Amendment in the Nature of a Substitute.
The substitute would immediately eliminate the estate tax for most estates. It would do so by increasing the estate tax exclusion to $?3 million, effective January 1, 2003.
It would offset the cost of increasing the exclusion by freezing existing estate tax rates, eliminating the ability to claim valuation discounts by holding property through partnerships, and restoring the prior law phase out of the benefit of the graduated rates and exclusion.
In addition, the substitute would repeal the carryover basis rules contained in last year?s tax bill. By doing this the substitute would continue the favorable current law step-up in basis rules that eliminate capital gains taxes on increases in value before death. (60 minutes)
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