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National
Key Vote
Tax Relief Extension Reconciliation Act of 2005
Project Vote Smart's Synopsis:
Vote to adopt a conference report that authorizes and extends $69.96 billion in tax credits and cuts through 2010.
Official Title of Legislation:
HR 4297: To provide for reconciliation pursuant to section 201(b) of the concurrent resolution on the budget for fiscal year 2006.
Highlights:
-Extends the expensing limits on investments of depreciable assets for businesses through 2010 (Sec. 101).
-Continues reduced tax rates of 15 percent and 5 percent on capital gains and dividends through 2010 (Sec. 102).
-Exempts through 2010 income earned by certain environmental cleanup funds (Sec. 201).
-Repeals the requirements that a veteran must have served before 1977 in order to receive the benefits of qualified veterans' mortgage bond programs in Alaska, Oregon, and Wisconsin (Sec. 203).
-Provides an election to treat sales of certain musical compositions or copyrights as capital gains if created by the taxpayer (Sec. 204).
-Amends charges collected by ton on vessels entering the U.S. by reducing the weight threshold from 10,000 pounds to 6,000 pounds (Sec. 205).
-Exempts those filing a joint return on $62,550 or less and those filing a single return on $42,500 or less from the alternative minimum tax for taxable years beginning in 2006 (Sec. 301).
-Extends nonrefundable credit based on an individual's amount of regular tax liability and alternative minimum tax liability for the individual through 2006 (Sec. 302).
-Allows major oil companies to amortize certain expenditures over a longer period of time effective May 17, 2006 (Sec. 503).
-Increases the age at which a minor's unearned income is taxed at their parent's marginal tax rate to 18 (Sec. 510).
-Requires Federal, state and local governments to withhold a three percent tax on government payments made to persons or businesses beginning 2011 (Sec. 511).
-Removes the income limitation requirement of which individuals may switch from individual retirement accounts (IRAs) to Roth IRAs beginning 2010 (Sec. 512).
Link to Legislation: http://thomas.loc.gov/cgi-bin/query/z?c109:hr4297:
House Passage: 12/08/2005 : Bill Passed: 234 - 197 (Roll no. 621) Senate Passage With Amendment: 02/02/2006 : Bill Passed: 66 - 31 (Record Vote Number 10)
NOTE: THIS IS A SUBSTITUTED BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. House Conference Report Vote: 05/10/2006 : Conference Report Adopted 244 - 185 (Roll no. 135) Senate Conference Report Vote: 05/11/2006 : Conference Report Adopted: 54 - 44 (Record Vote Number 118) President Passage: 05/17/2006 : Signed Became Public Law Number 109-222
Sponsor: Rep. Thomas, William (R-CA) (out of office)
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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