Timber Tax Act of 2005

3.0.0 5638 2023-01-13T04:50:48Z 2023-01-13T04:50:48Z House H HR 2006-06-19 109 hswm00 Ways and Means Committee House Standing Referred to 2006-06-19T16:30:15Z Timber Tax Act of 2005 109 3883 HR 2005-09-22 Referred to the House Committee on Ways and Means. Related bill CRS To amend the Internal Revenue Code of 1986 to restore the estate tax and repeal the carryover basis rule, to increase the estate and gift tax unified credit to an exclusion equivalent of $5,000,000, and to reduce the rate of the estate and gifts taxes to the generally applicable capital gains income tax rate. 109 5421 HR 2006-05-18 Referred to the House Committee on Ways and Means. Related bill CRS Timber Tax Act of 2005 109 1791 S 2005-09-29 Read twice and referred to the Committee on Finance. Related bill CRS Estate Tax Relief and Reform Act of 2006 109 3626 S 2006-06-29 Read twice and referred to the Committee on Finance. Related bill CRS Providing for consideration of the bill (H.R. 5638) 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. 109 885 HRES 2006-06-22 Motion to reconsider laid on the table Agreed to without objection. 12:48:47 Procedurally-related House 2006-06-26 Senate Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 496. Calendars 2006-06-23 Senate Received in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time. Calendars 2006-06-22 16:00:13 On passage Passed by recorded vote: 269 - 156 (Roll no. 315). (text: CR H4445-4448) Floor H37100 2 House floor actions 315 https://clerk.house.gov/evs/2006/roll315.xml House 109 2006-06-22T20:00:13Z 2 2006-06-22 16:00:13 Motion to reconsider laid on the table Agreed to without objection. Floor H38310 2 House floor actions 2006-06-22 16:00:13 Passed/agreed to in House: On passage Passed by recorded vote: 269 - 156 (Roll no. 315).(text: CR H4445-4448) Floor 8000 9 Library of Congress 315 https://clerk.house.gov/evs/2006/roll315.xml House 109 2006-06-22T20:00:13Z 2 2006-06-22 15:51:14 On motion to recommit with instructions Failed by recorded vote: 182 - 236 (Roll no. 314). (consideration: CR H4464-4466) Floor H36110 2 House floor actions hswm00 Ways and Means Committee 314 https://clerk.house.gov/evs/2006/roll314.xml House 109 2006-06-22T19:51:14Z 2 2006-06-22 15:34:45 The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H4465) Floor H8A000 2 House floor actions 2006-06-22 15:29:08 DEBATE - The House proceeded with 10 minutes of debate on the Pomeroy motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment inserting a complete new text entitled "Certain and Immediate Estate Tax Relief Act of 2006". Floor H8D000 2 House floor actions 2006-06-22 15:28:35 Mr. Pomeroy moved to recommit with instructions to Ways and Means. (consideration: CR H4464-4466; text: CR H4464-4465) Floor H36100 2 House floor actions hswm00 Ways and Means Committee 2006-06-22 15:28:09 On motion to table the motion to appeal the ruling of the chair Agreed to by the Yeas and Nays: 229 - 195 (Roll no. 313). Floor H36810 2 House floor actions 313 https://clerk.house.gov/evs/2006/roll313.xml House 109 2006-06-22T19:28:09Z 2 2006-06-22 15:05:37 Mr. Thomas moved to table the motion to appeal the ruling of the chair ResolvingDifferences H82000 2 House floor actions 2006-06-22 14:58:19 Mr. Rangel appealed the ruling of the chair. Floor H36800 2 House floor actions 2006-06-22 14:53:34 Mr. Thomas raised a point of order against the motion to recommit with instructions. Mr. Thomas stated that the provisions of the motion to recommit were not germane to the bill. Sustained by the Chair. ResolvingDifferences H81000 2 House floor actions 2006-06-22 14:53:34 Point of order sustained against the motion to recommit with instructions. Floor H36110 2 House floor actions hswm00 Ways and Means Committee 2006-06-22 14:49:12 Floor summary: DEBATE - The House proceeded with ten minutes of debate on the motion to recommit with instructions, pending reservation of a a point of order. Floor H8D000 2 House floor actions 2006-06-22 14:48:54 Mr. Rangel moved to recommit with instructions to Ways and Means. (consideration: CR H4461-4464; text: CR H4461-4462) Floor H36100 2 House floor actions hswm00 Ways and Means Committee 2006-06-22 14:48:28 The previous question was ordered pursuant to the rule. Floor H35000 2 House floor actions 2006-06-22 13:25:42 DEBATE - The House continued with debate on H.R. 5638. Floor H8D000 2 House floor actions 2006-06-22 13:24:45 DEBATE - The House proceeded with one hour of debate on H.R. 5638. Floor H8D000 2 House floor actions 2006-06-22 13:24:14 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. Floor H8D000 2 House floor actions 2006-06-22 13:23:57 Considered under the provisions of rule H. Res. 885. (consideration: CR H4445-4467) Floor H30000 2 House floor actions 2006-06-22 On motion to consider Agreed to by recorded vote: 238 - 188 (Roll no. 312). Calendars H30831 2 House floor actions 312 https://clerk.house.gov/evs/2006/roll312.xml House 109 2006-06-22T17:23:56Z 2 2006-06-22 13:09:58 Ms. Pelosi rose on the question of consideration and pursuant to clause 3, rule 16, demanded a vote on the question of consideration. Floor H8D000 2 House floor actions 2006-06-22 Mr. Thomas moved to consider. Calendars H30830 2 House floor actions 2006-06-22 12:48:46 Rule H. Res. 885 passed House. Floor H1L220 2 House floor actions 2006-06-21 18:54:07 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. Floor H1L210 2 House floor actions 2006-06-19 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2006-06-19 Introduced in House IntroReferral Intro-H 9 Library of Congress 2006-06-19 Introduced in House IntroReferral 1000 9 Library of Congress T000188 Rep. Thomas, William M. [R-CA-22] WILLIAM THOMAS R CA MARSHALL 22 N H000948 Rep. Hulshof, Kenny C. [R-MO-9] KENNY HULSHOF R MO C. 9 2006-06-19 True C000868 Rep. Cramer, Robert E. (Bud), Jr. [D-AL-5] ROBERT CRAMER D AL E. 5 2006-06-19 True F000238 Rep. Foley, Mark [R-FL-16] MARK FOLEY R FL 16 2006-06-21 False N000181 Rep. Nunes, Devin [R-CA-21] Devin Nunes R CA 21 2006-06-21 False H000413 Rep. Hayworth, J. D. [R-AZ-5] J. HAYWORTH R AZ D. 5 2006-06-21 False M000388 Rep. McCrery, Jim [R-LA-4] JIM MCCRERY R LA 4 2006-06-21 False L000293 Rep. Lewis, Ron [R-KY-2] RON LEWIS R KY 2 2006-06-21 False H001033 Rep. Hart, Melissa A. [R-PA-4] MELISSA HART R PA A. 4 2006-06-21 False S001164 Rep. Schmidt, Jean [R-OH-2] Jean Schmidt R OH 2 2006-06-21 False D000603 Rep. Davis, Geoff [R-KY-4] Geoff Davis R KY 4 2006-06-21 False P000589 Rep. Porter, Jon C. [R-NV-3] Jon Porter R NV C. 3 2006-06-21 False G000552 Rep. Gohmert, Louie [R-TX-1] Louie Gohmert R TX 1 2006-06-21 False S001146 Rep. Sherwood, Don [R-PA-10] DON SHERWOOD R PA 10 2006-06-21 False R000033 Rep. Ramstad, Jim [R-MN-3] JIM RAMSTAD R MN 3 2006-06-21 False L000321 Rep. Linder, John [R-GA-7] JOHN LINDER R GA 7 2006-06-21 False S000244 Rep. Sensenbrenner, F. James, Jr. [R-WI-5] F. SENSENBRENNER R WI JAMES 5 2006-06-21 False H000528 Rep. Herger, Wally [R-CA-2] WALLY HERGER R CA 2 2006-06-21 False P000263 Rep. Peterson, John E. [R-PA-5] JOHN PETERSON R PA E. 5 2006-06-21 False W000789 Rep. Wilson, Heather [R-NM-1] HEATHER WILSON R NM 1 2006-06-21 False S000303 Rep. Shaw, E. Clay, Jr. [R-FL-22] E. SHAW R FL CLAY 22 2006-06-21 False K000358 Rep. Kennedy, Mark R. [R-MN-6] MARK KENNEDY R MN R. 6 2006-06-22 False M001138 Rep. Manzullo, Donald A. [R-IL-16] DONALD MANZULLO R IL 16 2006-06-22 False S000250 Rep. Sessions, Pete [R-TX-32] PETE SESSIONS R TX 32 2006-06-22 False C000116 Rep. Cannon, Chris [R-UT-3] CHRIS CANNON R UT 3 2006-06-22 False B001247 Rep. Brown-Waite, Ginny [R-FL-5] Ginny Brown-Waite R FL 5 2006-06-22 False D000533 Rep. Duncan, John J., Jr. [R-TN-2] JOHN DUNCAN R TN J. 2 2006-06-22 False P000583 Rep. Paul, Ron [R-TX-14] RON PAUL R TX 14 2006-06-22 False J000255 Rep. Jones, Walter B., Jr. [R-NC-3] WALTER JONES R NC B. 3 2006-06-22 False S000583 Rep. Smith, Lamar [R-TX-21] LAMAR SMITH R TX 21 2006-06-22 False K000364 Rep. Kuhl, John R. "Randy", Jr. [R-NY-29] John Kuhl R NY R. "Randy" 29 2006-06-22 False R000575 Rep. Rogers, Mike D. [R-AL-3] Mike Rogers R AL 3 2006-06-22 False C000059 Rep. Calvert, Ken [R-CA-44] KEN CALVERT R CA 44 2006-06-22 False M000689 Rep. Mica, John L. [R-FL-7] JOHN MICA R FL L. 7 2006-06-22 False D000605 Rep. Drake, Thelma D. [R-VA-2] Thelma Drake R VA D. 2 2006-06-22 False G000152 Rep. Gibbons, Jim [R-NV-2] JIM GIBBONS R NV 2 2006-06-22 False B001232 Rep. Biggert, Judy [R-IL-13] JUDY BIGGERT R IL 13 2006-06-22 False M001157 Rep. McCaul, Michael T. [R-TX-10] Michael McCaul R TX T. 10 2006-06-22 False D000492 Rep. Dreier, David [R-CA-26] DAVID DREIER R CA 26 2006-06-22 False A000358 Rep. Akin, W. Todd [R-MO-2] W. AKIN R MO TODD 2 2006-06-22 False P000586 Rep. Putnam, Adam H. [R-FL-12] ADAM PUTNAM R FL H. 12 2006-06-22 False L000111 Rep. Latham, Tom [R-IA-4] TOM LATHAM R IA 4 2006-06-22 False J000285 Rep. Johnson, Timothy V. [R-IL-15] TIMOTHY JOHNSON R IL V. 15 2006-06-22 False W000672 Rep. Wolf, Frank R. [R-VA-10] FRANK WOLF R VA R. 10 2006-06-22 False I000023 Rep. Inglis, Bob [R-SC-4] BOB INGLIS R SC 4 2006-06-22 False C001064 Rep. Campbell, John [R-CA-48] John Campbell R CA 48 2006-06-22 False K000363 Rep. Kline, John [R-MN-2] John Kline R MN 2 2006-06-22 False S001155 Rep. Sullivan, John [R-OK-1] John Sullivan R OK 1 2006-06-22 False C000071 Rep. Camp, Dave [R-MI-4] DAVE CAMP R MI 4 2006-06-22 False A000055 Rep. Aderholt, Robert B. [R-AL-4] ROBERT ADERHOLT R AL B. 4 2006-06-22 False P000592 Rep. Poe, Ted [R-TX-2] Ted Poe R TX 2 2006-06-22 False B000617 Rep. Bonilla, Henry [R-TX-23] HENRY BONILLA R TX 23 2006-06-22 False Taxation Capital gains tax Commerce Congress Corporation taxes Estate tax Families Gift tax Government Operations and Politics Inheritance tax Married people Public Lands and Natural Resources State taxation Sunset legislation Tax credits Tax deductions Tax rates Timber sales Taxation

00 2006-06-19 Introduced in House 2006-07-05T14:00:09Z Permanent Estate Tax Relief Act of 2006 - Amends the Internal Revenue Code to: (1) increase the estate and gift tax exclusion amount to $5 million beginning in 2010; (2) lower to 15% the estate tax rate for estates up to $25 million and 30% for estates of $25 million or more; (3) repeal after 2009 the estate tax deduction for estate, inheritance, legacy, or succession taxes paid to states; (4) allow a surviving spouse to claim any unused portion of a deceased spouse's estate or gift tax exclusion amount; and (5) allow a taxpayer election to deduct from gross income the lesser of 60% of qualified timber gain or net capital gain.

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 the estate, gift, and generation-skipping transfer tax provisions of EGTRRA not amended by this Act. Repeals provisions of EGTRRA relating to carryover basis of estate property to allow heirs of such property after 2009 to use date-of-death fair market values.

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81 2006-06-22 Passed House without amendment 2006-07-05T14:05:46Z (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.

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Permanent Estate Tax Relief Act of 2006 Display Title Permanent Estate Tax Relief Act of 2006 Official Title as Introduced 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. Introduced in House IH Short Titles as Introduced Permanent Estate Tax Relief Act of 2006 Short Titles as Passed House Permanent Estate Tax Relief Act of 2006 H House 1080 109 HAMDT An amendment considered as adopted pursuant to the provisions of H. Res. 885. 2022-02-03T05:32:46Z Rules Committee 2006-06-22T04:00:00Z House of Representatives 109 HR House H 5638 Permanent Estate Tax Relief Act of 2006 2023-01-13T04:50:48Z H. Res. 885 https://www.congress.gov/bill/109th-congress/house-resolution/885 2 2006-06-22 House amendment offered Floor 71000 9 Library of Congress Placed on Calendar Senate 2006-06-26T04:00:00Z Engrossed in House 2006-06-22T04:00:00Z Introduced in House 2006-06-19T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109hr5638ih/xml/BILLS-109hr5638ih.xml 2006-06-26 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 496. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.