[Congressional Record Volume 148, Number 77 (Wednesday, June 12, 2002)]
[Senate]
[Page S5462]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 3832. Mr. REID (for Mr. Dorgan (for himself, Mr. Durbin, Mrs. 
Carnahan, Mr. Corzine, and Ms. Stabenow)) proposed an amendment to 
amendment SA 3831 proposed by Mr. Conrad to the bill (H.R. 8) to amend 
the Internal Revenue Code of 1986 to phaseout the estate and gift taxes 
over a 10-year period, and for other purposes; as follows:

       In lieu of the matter proposed to be inserted, insert the 
     following:

     SECTION 1. ESTATE TAX WITH FULL TAX DEDUCTION FOR FAMILY-
                   OWNED BUSINESS INTERESTS.

       (a) Elimination of Estate Tax Repeal.--
       (1) In general.--Subtitle A of title V, sections 511(d), 
     511(e), and 521(b)(2), and subtitle E of title V of the 
     Economic Growth and Tax Relief Reconciliation Act of 2001 are 
     repealed.
       (2) Conforming amendments.--
       (A) The table contained in section 2001(c)(2)(B) of the 
     Internal Revenue Code of 1986 is amended by striking ``2007, 
     2008, and 2009'' and inserting ``2007 and thereafter''.
       (B) The table contained in section 2010(c) of such Code is 
     amended by striking ``2009'' and inserting ``2009 and 
     thereafter''.
       (C) Section 901 of the Economic Growth and Tax Relief 
     Reconciliation Act of 2001 is amended--
       (i) by striking ``this Act'' and all that follows through 
     ``2010.'' in subsection (a) and inserting ``this Act (other 
     than title V) shall not apply to taxable, plan, or limitation 
     years beginning after December 31, 2010.'', and
       (ii) by striking ``, estates, gifts, and transfers'' in 
     subsection (b).
       (b) Increase in Exclusion Amount.--The table contained in 
     section 2010(c) of the Internal Revenue Code of 1986 
     (relating to applicable credit amount), as amended by 
     subsection (a)(2)(B), is amended by striking ``$3,500,000'' 
     and inserting ``$4,000,000''.
       (c) Full Tax Deduction for Family-Owned Business 
     Interests.--
       (1) In general.--Section 2057(a) (relating to deduction for 
     family-owned business interests) is amended--
       (A) by striking paragraphs (2) and (3), and
       (B) by striking ``General Rule.--'' and all that follows 
     through ``For purposes'' and inserting ``Allowance of 
     Deduction.--For purposes''.
       (2) Permanent deduction.--Section 2057 is amended by 
     striking subsection (j).
       (d) Effective Date.--The amendments made by this section 
     shall apply to the estates of decedents dying, and gifts 
     made, after December 31, 2002.
                                  ____

  SA 3833. Mr. GRAMM (for himself, Mr. Kyl, Mr. Brownback, and Mr. 
Hutchinson) proposed an amendment to the bill H.R. 8, to amend the 
Internal Revenue Code of 1986 to phaseout the estate and gift taxes 
over a 10-year period, and for other purposes; as follows:

       Strike all after the enacting clause and insert the 
     following:

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``Permanent Death Tax Repeal 
     Act of 2002''.

     SEC. 2. ESTATE TAX REPEAL MADE PERMANENT.

       (a) In General.--Section 901 of the Economic Growth and Tax 
     Relief Reconciliation Act of 2001 is amended--
       (1) in subsection (a) by striking ``shall not apply--'' and 
     all that follows and inserting ``(other than title V) shall 
     not apply to taxable, plan, or limitation years beginning 
     after December 31, 2010.'', and
       (2) in subsection (b) by striking ``, estates, gifts, and 
     transfers''.
       (b) Effective Date.--The amendments made by subsection (a) 
     shall take effect as if included in section 901 of the 
     Economic Growth and Tax Relief Reconciliation Act of 2001.
                                  ____

  SA 3834. Mr. NELSON of Florida submitted an amendment intended to be 
proposed by him to the bill S. 2600, to ensure the continued financial 
capacity of insurers to provide coverage for risks from terrorism; 
which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ____. INSURANCE RATE INCREASES FOR TERRORISM RISKS.

       (a) Calculations of Terrorism Insurance Premiums.--
       (1) In general.--Not later than 30 days after the date of 
     enactment of this Act, the Secretary shall promulgate 
     regulations establishing parameters for insurance rate 
     increases for terrorism risk.
       (2) Consultation.--In developing the regulations under 
     paragraph (1), the Secretary shall consult with the NAIC and 
     appropriate Federal agencies.
       (3) Modifications.--The Secretary may periodically modify 
     the regulations promulgated under paragraph (1), as necessary 
     to account for changes in the marketplace.
       (4) Exclusions.--Under exceptional circumstances, the 
     Secretary may exclude a participating insurance company from 
     coverage under any of the regulations promulgated under 
     paragraph (1).
       (b) Separate Account Required.--If a participating 
     insurance company increases annual premium rates on covered 
     risks under subsection (a), the company--
       (1) shall deposit the amount of the increase in premium in 
     a separate, segregated account;
       (2) shall identify the portion of the premium insuring 
     against terrorism risk on a separate line item on the policy; 
     and
       (3) may not disburse any funds from amounts in that 
     separate, segregated account for any purpose other than the 
     payment of losses from acts of terrorism.
       (c) Limitation on Rate Increases for Covered Risks.--
       (1) Existing policies.--Any rate increase by a 
     participating insurance company on covered risks during any 
     period within the Program may not exceed the amount 
     established by the Secretary under subsection (a).
       (2) New policies.--Property and casualty insurance policies 
     issued after the date of enactment of this Act shall conform 
     with the regulations issued by the Secretary under subsection 
     (a).
       (d) Refunds on Existing Policies.--Not later than 90 days 
     after the date of enactment of this Act, a participating 
     insurance company shall--
       (1) review the premiums charged under property and casualty 
     insurance policies of the company that are in force on the 
     date of enactment of this Act;
       (2) calculate the portion of the premium paid by the policy 
     holder that is attributable to terrorism risk during the 
     period in which the company is participating in the Program; 
     and
       (3) refund the amount calculated under paragraph (2) to the 
     policy holder, with an explanation of how the refund was 
     calculated.

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