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National
Key Vote
Death/Estate Tax Amendment
Project Vote Smart's Synopsis:
Vote to pass a bill that reduces estate taxes beginning in 2010.
Official Title of Legislation:
HR 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.
Highlights:
-Increases the amount eligible for exemption in gifts and estates to $5 million as of 2010 (Sec. 2).
-Decreases the tax rate for estates up to $25 million to 15 percent (Sec. 2).
-Decreases the tax rate for estates above $25 million to 30 percent (Sec. 2).
-Provides a 60 percent tax deduction of the qualified timber gain or the net capital gain, depending on which is less, of timber sales to those who choose to apply (Secs. 4, 1203).
Link to Legislation: http://thomas.loc.gov/cgi-bin/query/z?c109:hr5638:
House Passage: 06/22/2006 : Bill Passed 269 - 156 (Roll no. 315) Senate Placed on Calendar: 06/26/2006 :
Sponsor: Rep. Thomas, William (R-CA) (out of office)
Cosponsors: Rep. Aderholt, Robert (R-AL)
Rep. Akin, W. Todd (R-MO)
Rep. Biggert, Judy (R-IL)
Rep. Bonilla, Henry (R-TX) (out of office)
Rep. Brown-Waite, Virginia (R-FL)
Rep. Calvert, Ken (R-CA)
Rep. Camp, David (R-MI)
Rep. Campbell, John B.T. III (R-CA)
Rep. Cannon, Chris (R-UT) (out of office)
Rep. Cramer, Robert (D-AL) (out of office)
Rep. Davis, Geoff (R-KY)
Rep. Drake, Thelma (R-VA) (out of office)
Rep. Dreier, David (R-CA)
Rep. Duncan, John Jr. (R-TN)
Rep. Foley, Mark (R-FL) (out of office)
Rep. Gibbons, James (R-NV) (out of office)
Rep. Gohmert, Louie (R-TX)
Rep. Hart, Melissa (R-PA) (out of office)
| Rep. Hayworth, John Jr. (R-AZ) (out of office)
Rep. Herger, Walter Jr. (R-CA)
Rep. Hulshof, Kenny (R-MO) (out of office)
Rep. Inglis, Robert Sr. (R-SC)
Rep. Johnson, Timothy (R-IL)
Rep. Jones, Walter Jr. (R-NC)
Rep. Kennedy, Mark (R-MN) (out of office)
Rep. Kline, John (R-MN)
Rep. Kuhl, John Jr. (R-NY) (out of office)
Rep. Latham, Thomas (R-IA)
Rep. Lewis, Ron (R-KY) (out of office)
Rep. Linder, John (R-GA)
Rep. Manzullo, Donald (R-IL)
Rep. McCaul, Michael (R-TX)
Rep. McCrery, James III (R-LA) (out of office)
Rep. Mica, John (R-FL)
Rep. Nunes, Devin (R-CA)
Rep. Paul, Ronald (R-TX)
| Rep. Peterson, John (R-PA) (out of office)
Rep. Poe, Ted (R-TX)
Rep. Porter, Jon Sr. (R-NV) (out of office)
Rep. Putnam, Adam (R-FL)
Rep. Ramstad, James (R-MN) (out of office)
Rep. Rogers, Michael (R-AL)
Rep. Schmidt, Jean (R-OH)
Rep. Sensenbrenner, F. James Jr. (R-WI)
Rep. Sessions, Peter (R-TX)
Rep. Shaw, E. Clay Jr. (R-FL) (out of office)
Rep. Sherwood, Donald (R-PA) (out of office)
Rep. Smith, Lamar (R-TX)
Rep. Sullivan, John (R-OK)
Rep. Wilson, Heather (R-NM) (out of office)
Rep. Wolf, Frank (R-VA)
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PVS provides summaries for each version of the bill selected as a key vote. The summary does not necessarily reflect the final version of the bill. For further status information, call the Voter's Research Hotline at 1-888-VOTE-SMART (1-888-868-3762).
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