Estate Tax and Extension of Tax Relief Act of 2006
Latest action. Motion by Senator Frist to reconsider the vote by which the motion to invoke clotureThe Senate's only procedure for ending debate over objection. Most legislation needs 60 votes; nominations need a simple majority.Read the full definition (opens a new tab) on the motion to proceed to H.R. 5970 was not agreed to (Roll Call No. 229) entered in Senate.
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
Estate Tax and Extension of Tax Relief Act of 2006 - Title I: Reform and Extension of Estate Tax After 2009 - (Sec. 101) Amends the Internal Revenue Code to restore the unified estate and gift tax exclusion after 2009 and phase in an increase in such exclusion from $3.75 million in 2010 to $5 million in 2015. Adjusts the $5 million exclusion amount for inflation after 2015.
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. Phases in a reduction of the estate tax rate for taxable estates over $25 million from 40% in 2010 to 30% in 2015 and thereafter. Adjusts the $25 million threshold amount for inflation after 2015.
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 that 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. Makes permanent the repeal of the estate tax deduction for family-owned business interests.
(Sec. 102) Allows a surviving spouse to claim any unused portion of a deceased spouse's estate or gift tax exclusion amount.
Title II: Extension and Expansion of Certain Tax Relief Provisions - Subtitle A: Extension and Modification of Certain Provisions - (Sec. 201) Extends through 2007: (1) the tax deduction for qualified tuition and related expenses; (2) the taxpayer election to deduct state and local general sales taxes in lieu of state and local income taxes; (3) the taxpayer election to include combat pay as earned income for purposes of the earned income tax credit; (4) the tax deduction for certain expenses of elementary and secondary school teachers; (5) the expensing of environmental remediation costs (includes cleanup of petroleum products); (6) certain tax incentives for investment in the District of Columbia, including the first-time homebuyer tax credit; (7) the Indian employment tax credit and accelerated depreciation allowances for business property on Indian reservations; (8) parity rules for mental health benefits under group health benefit plans; (9) the tax deduction for corporate donations of computer technology and equipment for educational purposes. (10) the tax deduction for contributions to Archer medical savings accounts; (11) the suspension of the taxable income limitation on percentage depletion for oil and natural gas produced from marginal oil wells; and (12) the authority for certain undercover Internal Revenue Service (IRS) investigations.
The summary continues for 45 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 "Passed House without amendment" stage on July 28, 2006. It describes the bill, it is not the legal text.
Motion by Senator Frist to reconsider the vote by which the motion to invoke cloture on the motion to proceed to H.R. 5970 was not agreed to (Roll Call No. 229) entered in Senate.
Civibrief does not map this action to a stage in the process. See the official record.
Where is it in the process, and what happens next?
The latest action on file does not map to a stage Civibrief recognizes, so the page will not name one. The record's own words are the reliable fact here.
The record's latest action, on August 3, 2006: Motion by Senator Frist to reconsider the vote by which the motion to invoke cloture on the motion to proceed to H.R. 5970 was not agreed to (Roll Call No. 229) entered in Senate.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 109th Congress (2005-06), 482 of the 10,701 bills and joint resolutions introduced became law, about 4.5 percent. That count covers every measure at every stage, including the many that never left committee.
This one has no outstanding steps listed above.
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 July 28, 2006, and 3 members have since signed on as cosponsors.
They are 3 Republicans.
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.
How long has it been in play?
It was introduced on July 28, 2006, 7349 days ago. The most recent recorded action was 7343 days ago, on August 3, 2006.
Measures do not carry over. Anything the 109th Congress has not finished by January 3, 2007 dies when the term ends, and has to be introduced again from the start in the next Congress.
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
- HouseMotion by Senator Frist to reconsider the vote by which the motion to invoke cloture on the motion to proceed to H.R. 5970 was not agreed to (Roll Call No. 229) entered in Senate.
- SenateNot stated in the latest action
- PresidentNot stated in the latest action