House Approves Tax Reform Bill; Measure Moves to President's Desk

House Approves Tax Reform Bill; Measure Moves to President's Desk

News story posted in Legislative on 17 December 2010| comments
audience: National Publication | last updated: 18 May 2011
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Summary

In a 277-148 vote late Thursday night the House of Representatives conceded without amendment to the Senate version of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. The measure now moves to President Obama's desk for signature.

Earlier in the evening and following spirited debate, House Ways and Means Committee Ways Chair Sander M. Levin, D-MI, introduced an amendment to raise the top estate tax rate from the proposed 35 percent to 45 percent and lower the estate tax exemption from the proposed $5 million to $3.5 million. However, with the foreknowledge that any amendment would cause the bill to be rejected by the Senate, it failed by a 194-233 margin.

Senate Summary: The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 [PDF]

Joint Committee on Taxation Technical Explanation: The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 [PDF]

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