H.R. 3090 – Economic Security and Recovery Act of 2001 1. Modified closed rule.
2. Waives all points of order against consideration of the bill.
3. 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.
4. Provides that the amendment recommended by the Committee on Ways and Means now printed in the bill shall be considered as adopted.
5. Provides for consideration of only the amendment in the nature of a substitute printed in the Rules Committee report accompanying the resolution, if offered by Representative Rangel 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.
6. Waives all points of order against the amendment in the nature of a substitute.
7. Provides one motion to recommit with or without instructions.
--------- RESOLUTION Resolved, That upon the adoption of this resolution it shall be in order without intervention of any point of order to consider in the House the bill (H.R. 3090) to provide tax incentives for economic recovery. The bill shall be considered as read for amendment. The amendment recommended by the Committee on Ways and Means now printed in the bill shall be considered as adopted. All points of order against the bill, as amended, are waived. The previous question shall be considered as ordered on the bill, as amended, and on any further amendment thereto to final passage without intervening motion except: (1) one hour of debate on the bill, as amended, equally divided and controlled by the chairman and ranking minority member of the Committee on Ways and Means; (2) the further amendment in the nature of a substitute printed in the report of the Committee on Rules accompanying this resolution, if offered by Representative Rangel of New York 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 AMENDMENT PRINTED IN THE REPORT ACCOMPANYING THE RESOLUTION
(summary derived from information provided by sponsor) Rangel - Democratic Substitute. Provides a rebate of $600 for joint filers ($500 for heads-of-household, $300 for single filers), reduced by any rebate already received, to individuals who filed tax returns for taxable year 2000 and who did not receive the maximum rebate from the recently-enacted bill. Dependent and non-resident aliens would not be eligible. Extends for one year all tax provisions that expire this year. Provides tax provisions to create $11 billion in interest-free financing for school construction and repair. Provides a five-year carryback of NOLs for taxable years 2001 or 2002 and waives the 90% AMT limitations in determining the portion of those losses allowed during the carryback period. Increases §179 expensing for taxable years 2001 and 2002 from $25,000 to $50,000 and increases the point at which the phaseout of §197 expensing begins from $200,000 to $400,000 for those taxable years. Waives, for taxable years 2001 and 2002, the 90% AMT limitations on loss carryovers for those years and on the allowance of the foreign tax credit. Provides assistance to individuals suffering disproportionately large tax liabilities due to the exercise of incentive stock options. Provides a one-year expansion of unemployment benefits that would provide up to an additional 26 weeks of benefits to those exhausting their rights to regular benefits, provides coverage to certain unemployed workers not currently covered by the system, and increases all unemployment benefits to the greater of 25% or $65 per week. Creates a temporary one-year program providing federal payment of 75% of COBRA continuation costs, and provides states with an enhanced match to offer Medicaid coverage to certain low-income unemployed individuals and their families. Provides a revenue offset freezing the top rate at 38.6%. Creates a trust fund setting aside resources for the portions of the Task Force recommendations that are outside the jurisdiction of the Committee on Ways and Means, such as community redevelopment efforts and public security and infrastructure improvements. (60 Minutes)
TEXT OF AMENDMENT PRINTED IN THE REPORT ACCOMPANYING THE RESOLUTION
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