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Financial Planning > Tax Planning

H.R. 4853: Votes Could Come Today

By Staff Writer

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The unemployment-tax measure that includes an estate tax patch could come up on the floor of both the House and the Senate today.

Senate Democrats have predicted in the Senate Calendar entry for today that Senate would convene at 9:30 a.m., debate H.R. 4853, the vehicle for the tax compromise from 11 a.m. to noon, and then, at noon start a series of roll call votes related to the compromise.

The compromise would preserve extended unemployment insurance benefits for 13 months, reduce payroll taxes, and extend a wide variety of tax cuts for 2 years. The compromise also would set the estate tax personal exemption at $5 million and the maximum rate at 35% for 2 years.

One vote would be on a proposal for off-setting the cost of the unemployment benefits extension, and one would be on an amendment to permanently eliminate the estate tax. Part of a third proposal would make the estate tax provision less generous to large estates.

The fourth vote is supposed to be on the tax deal itself.

House Democratic leaders said in their own calendary entry that there may be “possible further action on H.R. 4853″ today in the House if that measure passes in the Senate.

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