(Sec. 3) Provides a six-year schedule for making, by 2009, the maximum taxable income in the lowest married bracket equal to double the maximum taxable income in the lowest single filer bracket.
Repeals provisions providing for: (1) the reduction in the additional child tax credit for families with three or more children for taxpayers subject to the alternative minimum tax; and (2) the reduction in the earned income credit for taxpayers subject to the alternative minimum tax.
Provides, starting in 2008, for increasing the alternative minimum tax exemption amount on joint returns.
(Sec. 4) Provides for increases in the earned income credit phaseout amount on a joint return equal to 110 percent of the otherwise applicable amount.
Includes in the definition of the term "earned income," for purposes of the earned income credit, only amounts included in gross income.
(Sec 5) Provides a schedule for increasing the child tax credit to $1,000 by 2006.
Prohibits the child tax credit from exceeding the excess of: (1) the sum of the regular tax liability plus the alternative minimum tax; over (2) the sum of the nonrefundable personal credits (other than the child tax credit) and the foreign tax credit and Puerto Rico and possession tax credit.
Extends the availability of the additional credit for families with three or more children to families with fewer than three children.
(Sec. 6) States that the amounts transferred to any Social Security Act trust fund shall be determined as if this Act had not been enacted.
Reported (Amended) by the Committee on Ways and Means. H. Rept. 107-29. (text of measure as reported: CR 3/29/2001 H1302-1303)
Placed on the Union Calendar, Calendar No. 20.
Rules Committee Resolution H. Res. 104 Reported to House. Rule provides for consideration of H.R. 6 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Bill is closed to amendments. The amendment recommended by the Committee on Ways and Means now printed in the bill (House Rept. 107-29) shall be considered as adopted.
Rule H. Res. 104 passed House.
Considered under the provisions of rule H. Res. 104. (consideration: CR H1302-1329)
Rule provides for consideration of H.R. 6 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. A specified amendment is in order. The amendment recommended by the Committee on Ways and Means now printed in the bill (House Rept. 107-29) shall be considered as adopted.
DEBATE - The House proceeded with one hour of debate on H.R. 6.
DEBATE - Pursuant to the provisions of H. Res. 104, the House proceeded with one hour of debate on the Rangel amendment in the nature of a substitute.
The previous question was ordered on the bill as amended, and on the Rangel amendment, pursuant to the rule.
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Mr. Rangel moved to recommit with instructions to Ways and Means. (consideration: CR H1326-1327)
Floor summary: DEBATE - The House proceeded with 10 minutes of debate on the Rangel motion to recommit with instructions.
On motion to recommit with instructions Failed by recorded vote: 184 - 240 (Roll no. 74). (text: CR H1326-1327)
Roll Call #74 (House)Passed/agreed to in House: On passage Passed by the Yeas and Nays: 282 - 144 (Roll no. 75).
Roll Call #75 (House)On passage Passed by the Yeas and Nays: 282 - 144 (Roll no. 75).
Roll Call #75 (House)Motion to reconsider laid on the table Agreed to without objection.
The title of the measure was amended. Agreed to without objection.
Received in the Senate.
Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 68.
See H.R.1836.