S. 3773 · 111th Congress
Tax Hike Prevention Act of 2010
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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McConnellSponsor27 cosponsors · 27 R
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LeMieux20 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Tax Hike Prevention Act of 2010 - Repeals the general terminating date (i.e., December 31, 2010) applicable to tax relief provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), thus making such provisions permanent.
What it does: CRS summary · Introduced in Senate · Sep 13, 2010
Tax Hike Prevention Act of 2010 - Repeals the general terminating date (i.e., December 31, 2010) applicable to tax relief provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), thus making such provisions permanent.
Repeals the provision of the Jobs and Growth Tax Relief Reconciliation Act of 2003 terminating the reductions in tax rates for capital gains and dividends, thus making such reductions permanent.
Repeals provisions of EGTRRA repealing the estate and generation-skipping transfer taxes after 2009, thus restoring such taxes, subject to the amendments made by this Act. Restores the step-up in basis tax treatment of inherited estate assets.
Amends the Internal Revenue Code to: (1) provide for annual increases in the alternative minimum tax (AMT) exemption amount during the period of 2010 through 2020; (2) expand offsets against the AMT for certain nonrefundable tax credits; (3) retain marriage penalty relief provisions and the increased child tax credit; (4) revise the estate tax by imposing a permanent maximum estate tax rate of 35% and allowing a permanent estate tax exclusion amount of $5 million (adjusted annually for inflation) after 2009; and (5) allow a surviving spouse to increase the estate tax exclusion amount by the unused exclusion amount of his or her deceased spouse.
Allows the executor of any estate of a decedent dying in 2010 to elect to apply existing provisions of the Internal Revenue Code of 1986 without regard to specified provisions of this Act.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Tax Hike Prevention Act of 2010
Latest action (Sep 14, 2010): Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 562.
Policy area: Taxation · Origin: Senate · Introduced: Sep 13, 2010
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.