Permanent Estate Tax Relief Act of 2006

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.

6/22/2006--Passed House, without amendment. (There is 1 other summary)
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
Permanent Estate Tax Relief Act of 2006 - Amends the Internal Revenue Code to restore the unified estate and gift tax exclusion and increase the exclusion amount to $5 million beginning in 2010. Adjusts such exclusion amount for inflation after 2010.
Lowers the estate tax rate to equal the current long-term capital gains tax rate (i.e., 15% through 2010) for taxable estates up to $25 million and to twice such tax rate for estates of $25 million or more, beginning in 2010.
Repeals after 2009 the estate tax deduction for estate, inheritance, legacy, or succession taxes paid to states. Provides that the general termination date of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) (i.e., December 31, 2010) shall not apply to estate, gift, and generation-skipping transfer tax provisions of EGTRRA which are not amended by this Act. Repeals provisions of EGTRRA relating to carryover basis of estate property to allow heirs to use a date-of-death fair market value for such property after 2009.
Allows a surviving spouse to claim any unused portion of a deceased spouse's estate or gift tax exclusion amount.
Allows a taxpayer election to deduct 60% of the lesser of qualified timber gain or net capital gain for a taxable year. Allows such deduction to taxpayers who do not itemize deductions. Terminates such deduction after 2008.


... morehide bill summary

Sponsor

• William Thomas
• and 51 Co-Sponsors
  • Rep. Robert Aderholt [R, AL-4]
  • Rep. W. Akin [R, MO-2]
  • Rep. Judy Biggert [R, IL-13]
  • Henry Bonilla
  • Rep. Virginia Brown-Waite [R, FL-5]
  • Rep. Ken Calvert [R, CA-44]
  • Rep. David Camp [R, MI-4]
  • Rep. John Campbell [R, CA-48]
  • Christopher Cannon
  • Robert Cramer
  • Rep. Geoff Davis [R, KY-4]
  • Thelma Drake
  • Rep. David Dreier [R, CA-26]
  • Rep. John Duncan [R, TN-2]
  • Mark Foley
  • James Gibbons
  • Rep. Louis Gohmert [R, TX-1]
  • Melissa Hart
  • John Hayworth
  • Rep. Walter Herger [R, CA-2]
  • Kenny Hulshof
  • Rep. Bob Inglis [R, SC-4]
  • Rep. Timothy Johnson [R, IL-15]
  • Rep. Walter Jones [R, NC-3]
  • Mark Kennedy
  • Rep. John Kline [R, MN-2]
  • John Kuhl
  • Rep. Thomas Latham [R, IA-4]
  • Ron Lewis
  • Rep. John Linder [R, GA-7]
  • Rep. Donald Manzullo [R, IL-16]
  • Rep. Michael McCaul [R, TX-10]
  • James McCrery
  • Rep. John Mica [R, FL-7]
  • Rep. Devin Nunes [R, CA-21]
  • Rep. Ronald Paul [R, TX-14]
  • John Peterson
  • Rep. Ted Poe [R, TX-2]
  • Jon Porter
  • Rep. Adam Putnam [R, FL-12]
  • James Ramstad
  • Rep. Michael Rogers [R, AL-3]
  • Rep. Jean Schmidt [R, OH-2]
  • Rep. F. Sensenbrenner [R, WI-5]
  • Rep. Peter Sessions [R, TX-32]
  • E. Shaw
  • Donald Sherwood
  • Rep. Lamar Smith [R, TX-21]
  • Rep. John Sullivan [R, OK-1]
  • Heather Wilson
  • Rep. Frank Wolf [R, VA-10]
  close

Committees

• House Ways and Means

Amendments

This bill has 1 amendments. See All AmendmentsHide All Amendments

Amendments to H.R.5638

Number	Status	Purpose
H.Amdt1080	Offered	An amendment considered as adopted pursuant to the provisions of H. Res. 885.

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
June 19, 2006		June 22, 2006

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All Bill Actions

• Added to calendar on Jun 26, 2006: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 496..
• Jun 23, 2006: Received in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
• Jun 22, 2006: Rule H. Res. 885 passed House.
• Passed roll in the House on Jun 22, 2006. On passage Passed by recorded vote: 269 - 156 (Roll no. 315).
• Jun 22, 2006: On motion to recommit with instructions Failed by recorded vote: 182 - 236 (Roll no. 314).
• Jun 22, 2006: The previous question on the motion to recommit with instructions was ordered without objection.
• Jun 22, 2006: Mr. Pomeroy moved to recommit with instructions to Ways and Means.
• Jun 22, 2006: Mr. Thomas moved to table the motion to appeal the ruling of the chair
• Jun 22, 2006: Mr. Rangel appealed the ruling of the chair.
• Jun 22, 2006: Point of order sustained against the motion to recommit with instructions.
• Jun 22, 2006: Mr. Rangel moved to recommit with instructions to Ways and Means.
• Jun 22, 2006: Considered under the provisions of rule H. Res. 885.
• Jun 22, 2006: Mr. Thomas moved to consider.
• Jun 21, 2006: Rules Committee Resolution H. Res. 885 Reported to House. Rule provides for consideration of H.R. 5638 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. A specified amendment is in order.
• Introduced on Jun 19, 2006.
• Jun 19, 2006: Referred to the House Committee on Ways and Means.

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Related Issue Areas:

• Taxation
• Business
• Capital gains tax
• Congress
• 14 more
• Corporation taxes
• Estate tax
• Families
• Gift tax
• Inheritance tax
• Married people
• Natural resources
• State and local government
• State taxation
• Sunset legislation
• Tax credits
• Tax deductions
• Tax rates
• Timber sales

Data from the Congressional Research Service

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