H.R. 8 - Death Tax Repeal Permanency Act of 2003

COMMITTEE ACTION: REPORTED BY VOICE VOTE on Tuesday, June 17, 2003.
FLOOR ACTION: ADOPTED BY RECORD VOTE OF 230-199, AFTER AGREEING ON THE PREVIOUS QUESTION BY A RECORD VOTE OF 230-199 on Wednesday, June 18, 2003.
MANAGERS: REYNOLDS/SLAUGHTER
108th Congress
1st Session

H. RES. 281
[Report No. 108-187]

H.R. 8 - Death Tax Repeal Permanency Act of 2003

1. Modified closed rule.

2. Provides one hour of debate in the House equally divided and controlled by the chairman and ranking minority member of the Committee on Ways and Means.

3. Provides for consideration of the amendment in the nature of a substitute printed in the Rules Committee report accompanying the resolution, if offered by Representative Pomeroy or his designee, which shall be considered as read and shall be separately debatable for one hour equally divided and controlled by the proponent and an opponent.

4. Waives all points of order against the amendment printed in the report.

5. Provides one motion to recommit with or without instructions.

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RESOLUTION

Resolved, That upon the adoption of this resolution it shall be in order to consider in the House the bill (H.R. 8) to make the repeal of the estate tax permanent. The bill shall be considered as read for amendment. The previous question shall be considered as ordered on the bill and on any amendment thereto to final passage without intervening motion except: (1) one hour of debate on the bill equally divided and controlled by the chairman and ranking minority member of the Committee on Ways and Means; (2) the amendment printed in the report of the Committee on Rules accompanying this resolution, if offered by Representative Pomeroy of North Dakota or his designee, which shall be in order without intervention of any point of order, shall be considered as read, and shall be separately debatable for one hour equally divided and controlled by the proponent and an opponent; and (3) one motion to recommit with or without instructions.


SUMMARY OF THE AMENDMENTS MADE IN ORDER UNDER THE RULE

Pomeroy #5
Amendment in the Nature of a Substitute.
Immediately eliminates the estate tax for most estates. Increases the estate tax exclusion to $3 million, effective January 1, 2004. Partially offsets the cost of increasing the exclusion by freezing existing estate tax rates, eliminating the ability to claim valuation discounts by holding property through partnerships, and restoring the prior law phaseout of the benefit of the graduated rates and exclusion. Repeals the carryover basis rules contained in the 2001 tax bill, in doing so the substitute would continue the favorable current law step-up in basis rules that eliminate capital gains taxes on increases in value before death.


TEXT OF THE AMENDMENTS MADE IN ORDER UNDER THE RULE(.pdf)