S. 3714 · 112th Congress
CALM Act
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Never voted on. It didn't reach a floor vote before the 112th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
ManchinSponsorNo cosponsors.
Cliff Alleviation at Last Minute Act or the CALM Act - Amends the Internal Revenue Code to: (1) provide for a phased increase in income and capital gain tax rates beginning in 2013 through 2015, and (2) establish a permanent maximum estate tax rate of 45% and a unified estate and gift tax credit of $3.5 million.
What it does: CRS summary · Introduced in Senate · Dec 30, 2012
Cliff Alleviation at Last Minute Act or the CALM Act - Amends the Internal Revenue Code to: (1) provide for a phased increase in income and capital gain tax rates beginning in 2013 through 2015, and (2) establish a permanent maximum estate tax rate of 45% and a unified estate and gift tax credit of $3.5 million.
Amends the Balanced Budget and Emergency Deficit Control Act of 1985 to authorize the Office of Management and Budget (OMB) to determine which defense and nondefense accounts will be reduced in FY2013-FY2021 to meet deficit reduction requirements and to report to Congress on its recommendations. Sets forth a congressional disapproval procedure for overriding OMB's recommendations.
Amends title XVIII (Medicare) of the Social Security Act to require the Secretary of Health and Human Services to implement reforms under Medicare that result in reduced expenditures equal to $40 billion in each of FY2014-FY2023.
Expresses the sense of the Senate that Congress should address comprehensive tax reform in the 113th Congress.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: CALM Act
Also known as: Cliff Alleviation at Last Minute Act
Latest action (Dec 30, 2012): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Dec 30, 2012
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.