Tax Increase Prevention and Reconciliation Act of 2005
Latest action. Became public lawWhat a bill becomes when enacted, numbered by Congress and order of enactment: Public Law 119-4 is the 4th law of the 119th Congress.Read the full definition (opens a new tab) No: 109-222.
(This measure has not been amended since the Conference Report was filed in the House on May 9, 2006. The summary of that version is repeated here.)
Tax Increase Prevention and Reconciliation Act of 2005 - Title I: Extension and Modification of Certain Provisions - (Sec. 101) Amends the Internal Revenue Code to extend through 2009: (1) the increased expensing allowance (from $25,000 to $100,000) for depreciable business property; (2) the increased threshold amount ($400,000) for determining reductions to the expensing allowance; (3) the period during which a taxpayer may revoke an election to expense depreciable business property; and (4) the eligibility of certain computer software for the increased expensing allowance.
(Sec. 102) Extends through 2010 reductions in capital gains and dividends tax rates enacted by the Jobs and Growth Tax Relief Reconciliation Act of 2003.
(Sec. 103) Extends through 2008 exemptions from classification as subpart F income (income of controlled foreign corporations) for: (1) income that is derived in the active conduct of a banking, financing, or similar business or in the conduct of an insurance business; and (2) dividends, interest, rents, and royalties received by a controlled foreign corporation from a related controlled foreign corporation to the extent such items are attributable or properly allocable to non-subpart F income of the payor.
Title II: Other Provisions - (Sec. 201) Exempts from taxation certain settlement funds established to pay claims under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980. Terminates this exemption after 2010.
(Sec. 202) Allows all members of a corporation's affiliated group to be treated as one corporation for purposes of evaluating active business requirements for tax-free corporate reorganizations. Applies such provisions to corporate distributions in a reorganization on or before December 31, 2010.
(Sec. 203) Redefines "qualified veteran" for veterans in Alaska, Oregon, and Wisconsin for purposes of the tax exemption for veterans' mortgage bonds. Eliminates, for such veterans, the eligibility requirement of active service prior to 1977. Establishes volume limits for veterans' mortgage bonds for Alaska, Oregon, and Wisconsin, effective through 2010.
The summary continues for 27 more paragraphs. Read it in full on Congress.gov
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Public Law" stage on May 17, 2006. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
This bill has been enacted. It is law.
The record's latest action, on May 17, 2006: Became Public Law No: 109-222.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
WILLIAM THOMAS (R-CA) introduced it on November 10, 2005. No cosponsors are recorded.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HousePassed
- SenatePassed
- PresidentSigned into law