To provide for reconciliation pursuant to section 103(a)(1) of the concurrent resolution on the budget for fiscal year 2001.
(Sec. 2) Amends the Internal Revenue Code (IRC) to provide that the basic standard deduction for a married couple filing jointly shall be twice the basic standard deduction for an unmarried individual, beginning in 2000.
(Sec. 3) Provides that the 15 percent regular income tax bracket for a married couple filing jointly shall be twice the size of the corresponding bracket for an unmarried individual. Sets forth a graduated phase-in beginning in 2000 and fully effective in 2004.
(Sec. 4) Increases the beginning point of the phase-out range of the earned income credit for married couples filing jointly by $2,000, beginning in 2000.
(Sec. 5) Revises provisions concerning the allowance of nonrefundable personal tax credits to provide that the aggregate amount of such credits shall not exceed the sum of: (1) the taxpayer's regular tax liability for the taxable year reduced by the foreign tax credit; and (2) the alternative minimum tax.
(Sec. 6) States that the amendments made by this Act shall not be taken into account under IRC provisions relating to failure to pay estimated tax in determining the amount of any installment required to be paid before October 1, 2000.
(Sec. 7) Sets forth "Budget Act" compliance provisions (sunset provisions).
Senate incorporated this measure in H.R 4810 as an amendment.
Motion to reconsider laid on the table Agreed to without objection.
Motion to reconsider laid on the table Agreed to without objection.
Motion to reconsider laid on the table Agreed to without objection.
Conference report considered in Senate. (consideration: CR S7379-7382)
Conference report considered in Senate. (consideration: CR S7409-7416)
Conference report agreed to in Senate: Senate agreed to conference report by Yea-Nay Vote. 60 - 34. Record Vote Number: 226.
Roll Call #226 (Senate)Senate agreed to conference report by Yea-Nay Vote. 60 - 34. Record Vote Number: 226.
Roll Call #226 (Senate)Message on Senate action sent to the House.
Presented to President.
Presented to President.
Vetoed by President.
Vetoed by President.
The Chair laid before the House the veto message from the President. (consideration: CR H7239-7240; text of Veto message: CR H7239-7240)
Mr. Archer moved to refer the bill and accompanying veto message to the Committee on Ways and Means.
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On motion to refer the bill and the accompanying veto message to the Committee on Ways and Means. Agreed to without objection.
Mr. Archer moved to discharge the Committee on Ways and Means from further consideration of the veto message from the President.
On motion to discharge the Committee on Ways and Means from further consideration of the veto message from the President. Agreed to without objection.
Committee discharged.
DEBATE - The House proceeded with one hour of debate on the veto override on H.R. 4810.
Failed of passage in House over veto: On passage, the objections of the President to the contrary notwithstanding Failed by the Yeas and Nays: (2/3 required): 270 - 158 (Roll no. 466).(consideration: CR H7509-7520)
Roll Call #466 (House)Motion to refer the bill and accompanying veto message to the Committee on Ways and Means.
On passage, the objections of the President to the contrary notwithstanding Failed by the Yeas and Nays: (2/3 required): 270 - 158 (Roll no. 466). (consideration: CR H7509-7520)
Roll Call #466 (House)On motion to refer the bill and the accompanying veto message to the Committee on Ways and Means. Agreed to without objection.