Bill Summary & Status

Bill Summary & Status for the 107th Congress

H.R.3
Sponsor: Rep Thomas, William M. (Bill) (introduced 2/28/2001)
Related Bills: H.RES.83
Latest Major Action: 3/9/2001 Referred to Senate committee
Title: To amend the Internal Revenue Code of 1986 to reduce individual income tax rates.

Jump to: Titles, Status, Committees, Related Bill Details, Amendments, Cosponsors, Summary

TITLE(S): (italics indicate a title for a portion of a bill)

	SHORT TITLE(S) AS INTRODUCED: Economic Growth and Tax Relief Act of 2001
	OFFICIAL TITLE AS INTRODUCED: To amend the Internal Revenue Code of 1986 to reduce individual income tax rates.

STATUS: (color indicates Senate actions)

2/28/2001:

Referred to the House Committee on Ways and Means.

3/1/2001:: Committee Consideration and Mark-up Session Held.
3/1/2001:: Ordered to be Reported (Amended) by the Yeas and Nays: 23 - 15.

3/6/2001 3:14pm:

Reported (Amended) by the Committee on Ways and Means. H. Rept. 107-7.

3/6/2001 3:14pm:

Placed on the Union Calendar, Calendar No. 6.

3/7/2001 7:59pm:

Rules Committee Resolution H. Res. 83 Reported to House. Rule provides for consideration of H.R. 3 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. All points of order against consideration of the bill are waived. The amendment recommended by the Committee on Ways and Means now printed in the bill shall be considered as adopted. Measure will be considered read. A specified amendment is in order.

3/8/2001 1:32pm:

Rule H. Res. 83 passed House.

3/8/2001 1:59pm:

Considered under the provisions of rule H. Res. 83. (consideration: CR H761-809; text of measure as reported in House: CR H761-762)

3/8/2001 2:00pm:

H.AMDT.7 Amendment reported by the House Committee on Ways and Means.
An amendment considered as adopted pursuant to the provisions of H. Res. 83.

3/8/2001 2:00pm:

H.AMDT.7 On agreeing to the Ways and Means amendment Agreed to pursuant to H. Res. 83.

3/8/2001 3:29pm:

H.AMDT.8 Amendment (A002) in the nature of a substitute offered by Mr. Rangel. (consideration: CR H793-794; text CR H793-794)
Amendment sought to create a new 12 percent tax rate (phased in through 2003); increase the earned income tax credit; create a standard deduction for married couples equal to twice the standard available to single individuals; and provide marriage penalty relief in the earned income credit and the rate reductions.

3/8/2001 4:43pm:

H.AMDT.8 The previous question was ordered on the amendment (A002) without objection.

3/8/2001 5:05pm:

H.AMDT.8 On agreeing to the Rangel amendment (A002) Failed by the Yeas and Nays: 155 - 273 (Roll no. 42).

3/8/2001 5:06pm:

Mr. Berry moved to reconsider the vote.

3/8/2001 5:06pm:

Mr. Thomas moved to table the motion to reconsider the vote.

3/8/2001 5:15pm:

On motion to table the motion to reconsider the vote Agreed to by the Yeas and Nays: 228 - 197 (Roll no. 43).

3/8/2001 5:17pm:

Mr. Stenholm moved to recommit with instructions to Ways and Means.

3/8/2001 5:44pm:

On motion to recommit with instructions Failed by recorded vote: 204 - 221 (Roll no. 44). (text: CR H807)

3/8/2001 5:53pm:

On passage Passed by the Yeas and Nays: 230 - 198 (Roll No. 45). (text: CR H762-763)

3/8/2001 5:53pm:

Motion to reconsider laid on the table Agreed to without objection.

3/9/2001:

Received in the Senate and Read twice and referred to the Committee on Finance.

COMMITTEE(S):

Committee/Subcommittee:		Activity:
>House Ways and Means		Referral, Reporting
Senate Finance		Referral

Bill:	Relationship:
H.RES.83	Rule related to H.R.3 in House

AMENDMENT(S):

1. H.AMDT.7 to H.R.3 An amendment considered as adopted pursuant to the provisions of H. Res. 83.
Sponsor: House Ways and Means - Latest Major Action: 3/8/2001 House amendment agreed to
Committees: House Ways and Means

2. H.AMDT.8 to H.R.3 Amendment sought to create a new 12 percent tax rate (phased in through 2003); increase the earned income tax credit; create a standard deduction for married couples equal to twice the standard available to single individuals; and provide marriage penalty relief in the earned income credit and the rate reductions.
Sponsor: Rep Rangel, Charles B. - Latest Major Action: 3/8/2001 House amendment not agreed to

COSPONSORS(32), ALPHABETICAL [followed by Cosponsors withdrawn]:

Rep Armey, Richard K. - 3/6/2001 Rep Brady, Kevin - 3/6/2001

Rep Camp, Dave - 3/6/2001 Rep Collins, Mac - 3/6/2001

Rep Cox, Christopher - 3/6/2001 Rep Crane, Philip M. - 3/6/2001

Rep Cubin, Barbara - 3/6/2001 Rep Davis, Tom - 3/6/2001

Rep DeLay, Tom - 3/6/2001 Rep Dreier, David - 3/6/2001

Rep Dunn, Jennifer - 3/6/2001 Rep English, Phil - 3/6/2001

Rep Foley, Mark - 3/6/2001 Rep Hastert, J. Dennis - 3/6/2001

Rep Hayworth, J. D. - 3/6/2001 Rep Herger, Wally - 3/6/2001

Rep Houghton, Amo - 3/6/2001 Rep Hulshof, Kenny C. - 3/6/2001

Rep Johnson, Nancy L. - 3/6/2001 Rep Johnson, Sam - 3/6/2001

Rep Lewis, Ron - 3/6/2001 Rep McCrery, Jim - 3/6/2001

Rep McInnis, Scott - 3/6/2001 Rep Nussle, Jim - 3/6/2001

Rep Portman, Rob - 3/6/2001 Rep Pryce, Deborah - 3/6/2001

Rep Ramstad, Jim - 3/6/2001 Rep Ryan, Paul - 3/6/2001

Rep Shaw, E. Clay, Jr. - 3/6/2001 Rep Watkins, Wes - 3/6/2001

Rep Watts, J. C., Jr. - 3/6/2001 Rep Weller, Jerry - 3/6/2001

SUMMARY AS OF:
3/6/2001--Reported to House, amended. (There is 1 other summary)

Economic Growth and Tax Relief Act of 2001 - States that tax rate revisions made by this Act shall not be treated as a tax rate change for purposes of applying the pre- and post-change tax rates under section 15 of the Internal Revenue Code. (Such provision would otherwise apply two tax rates to income in the same tax year, depending upon effective date.)

Amends the Code, as of tax year 2001, to establish (in addition to existing brackets) a 12 percent individual tax bracket for each filing status. Caps taxable income levels for the 12 percent bracket at: (1) $12,000 for married individuals filing jointly; (2) $10,000 for heads of households; and (3) $6,000 for unmarried individuals or married individuals filing separately. Applies the current 15 percent bracket to income levels above the 12 percent caps but below current 15 percent caps.

Prohibits minimum bracket amount inflation adjustments through tax year 2006. Revises the cost-of-living adjustment formula, as of tax year 2007.

Provides, beginning in tax year 2002, for specified reductions in the 12, (maintaining the revised 15 percent bracket without further change), 28, 31, 36, and 39.6 percent individual (and estate) brackets, so that as of 2006 and thereafter, there shall be four tax brackets of 10, 15, 25, and 33 percent.

Repeals mandatory reductions in the additional (three or more children) child tax credit and the earned income credit for taxpayers subject to the alternative minimum tax.

Revises current tax rates in conformity with the amendments made by this Act respecting: (1) accumulated corporate earnings; (2) personal holding companies; (3) voluntary withholding on certain Federal payments, unemployment benefits, gambling winnings, and Indian casino profits; (3) backup withholding; and (4) supplemental wage payments.

States that amounts transferred to any Social Security Act trust fund shall be determined as if this Act had not been enacted.