H.R. 4275 - To amend the Internal Revenue Code of 1986 to permanently extend the 10-percent individual income tax rate bracket 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 Rangel of New York 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.
--------- RESOLUTION Resolved, That upon the adoption of this resolution it shall be in order to consider in the House the bill (H.R. 4275) to amend the Internal Revenue Code of 1986 to permanently extend the 10-percent individual income tax rate bracket. 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 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 MADE IN ORDER
(summaries derived from information provided by sponsors)Rangel #1
Amendment in the Nature of a Substitute. Includes identical provisions to those in the base bill. Adjusts the AMT so that none of the benefits promised in the bill will be taken back by the AMT. Includes a temporary rate adjustment (through 2010) that applies to incomes over $1 million ($500,000 for single taxpayers). The rate adjustment would be 1.9% for incomes over that level. Conditions the repeal of the sunset on Congress meeting certain budgetary goals. Congress would be required to enact budget legislation that balances the budget by FY 2014 (without using Social Security and Medicare trust funds) and eliminates the need to borrow from foreign central banks to fund our government.
TEXT OF THE AMENDMENT(.pdf)
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