12/16/10 11:16 PM
Amendment offered by Mr. Levin.
12/16/10 11:16 PM
An amendment to strike Title III of the Senate amendment to H.R. 4583 and amend the bill to provide two years of estate tax relief at 2009 levels. In calendar years 2011 and 2012, the estate tax exemption amount would be $3.5 million ($7 million total for a married couple) and the maximum tax rate on estates would be 45%. Additionally, the amendment would provide estates from decedents in 2010 with the ability to elect to be treated under the 2009 levels or to be treated under current law for tax purposes. This election will allow estates to receive a step up in basis on inherited property rather than the 2010 carryover basis rules. The exemption level and rate are consistent with the estate tax proposal included in the President's FY2010 and FY2011 Budgets. Under the Senate amendment to H.R. 4583, the bill would provide two years of estate tax relief with a $5 million estate tax exemption ($10 million total for a married couple) and a maximum rate of 35%. The amendment saves $23 billion, and affects 6,600 estates in 2011 which would receive an average additional tax cut of more than $1.5 million under the Senate bill.
At the conclusion of general debate, and pursuant to the provisions of H. Res. 1766, the Chair announced that the Senate amendment would be considered for amendment under the five-minute rule and directed the Clerk to designate the Senate amendment. The Chair then announced that it was in order for Mr. Levin or his designee to be recognized for the purpose of offering the amendment printed in House Report 111-682 to the Senate amendment.
12/16/10 7:40 PM
GENERAL DEBATE - The Committee of the Whole proceeded with three hours of general debate on the Senate amendment to the House amendment to the Senate amendment to H.R. 4853.
12/16/10 7:39 PM
The Speaker designated the Honorable Gregorio Kilili Camacho Sablan to act as Chairman of the Committee.
12/16/10 7:38 PM
Pursuant to the provisions of H. Res. 1766, the Chair declared the House resolved into the Committee of the Whole House on the state of the Union for the consideration of the Senate amendment to the House amendment to the Senate amendment to H.R. 4853.
On motion to consider the Senate amendment to the House amendment to the Senate amendment Agreed to by voice vote.
The Chair put the question on consideration of the Senate amendment to the House amendment to the Senate amendment.
DEBATE - Pending any declaration of the House into the Committee of the Whole pursuant to House Resolution 1766 the Chair would note that the Senate amendment to the House amendment to the Senate amendment to the bill H.R. 4853 contains; an emergency designation for purposes of pay-as-you-go principles under clause 10(c) of rule 21; and an emergency designation pursuant to section 4(g)(1) of the Statutory Pay-As-You-Go Act of 2010. Accordingly, the Chair must put the question of consideration under section of the Statutory Pay-As-You-Go Act of 2010.
12/16/10 7:38 PM
S. 987:
to protect girls in developing countries through the prevention of child marriage, and for other purposes
12/16/10 7:33 PM
On motion to suspend the rules and pass the bill Failed by the Yeas and Nays: (2/3 required): 241 - 166 (Roll no. 645).
12/16/10 7:26 PM
Considered as unfinished business.
12/16/10 7:26 PM
H. Res. 1766:
providing for consideration of the Senate amendment to the House amendment to the Senate amendment to the bill ( H.R. 4853) to amend the Internal Revenue Code of 1986 to extend the funding and expenditure authority of the airport and Airway Trust Fund, to amend title 49, United States Code, to extend authorizations for the airport improvement program, and for other purposes
12/16/10 7:25 PM
Motion to reconsider laid on the table Agreed to without objection.
On agreeing to the resolution Agreed to by recorded vote: 214 - 201 (Roll no. 644).
