WASHINGTON — The Association for Advanced Life Underwriting has explained what congressional leaders really did earlier this week when they wrote rules for considering estate tax bills and other bills that might affect the budget.
Members of the Senate voted 53-43 Wednesday to approve a budget resolution measure, the Conference Report to Accompany Senate Continuing Resolution 13, which will help shape the budgeting proces.
Members of the House voted 233-193 to agree to the S. Con. Res. 13 conference report.
The budget resolution creates a framework for considering bills that might affect the budget, but it does not have a direct effect on budget appropriations.
What Your Peers Are Reading
Earlier this week, our quick reading of the conference report suggested that the budget resolution agreement estate tax provision could reunify estate and gift taxes and also provide for “portability,” meaning that a couple would not have to create a trust for the estate of the “second to die” in a family in order for the family to get the full $7 million estate tax exemption.
It also looked as if Congress would include the estate tax provision in the budget reconciliation process, which gives supporters of a provision the ability to get a measure to the Senate floor with just 51 votes, rather than 60.
That quick reading was incorrect, according to the AALU, Falls Church, Va..
The reconciliation instructions included in the final budget resolution were reserved for health care and education. The committees of jurisdiction for those subjects were instructed to report to the House and Senate Budget Committees by Oct. 15.