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CharitablePlanning.comSenate Passes Extenders BillNot PublishedDocument Id: 1763059

Final House vote may come today.

Summary

The Senate yesterday passed the Reid/Baucus substitute for H.R. 111-4213 , the extenders bill .

Extended Summary

The vote was 59 to 39 , with the two Maine Republicans, Sens. Olympia J. Snowe and S usan M. Collins, voting in favor and one Democrat, Sen. Ben Nelson (D-NE) votingagainst. An earlier vote rejected an effort by Sen. Jim DeMint (R-SC) to recommit the measure to the Finance Committee for the purpose of adding an amendment to repealthe estate tax.

The bill would restore roughly fifty expired or expiring tax incentives, including the charitable IRA rollover and several other charitable contributions incentives, together withfederal subsidies for unemployment compensation and COBRA benefits that expired at the end of May.

Final legislative text is not yet available, but a comparison of a Finance Committee summary of the final amendment with a similar summary of the Reid/Baucus substitute asproposed a month ago suggests that the items that were deleted, including provisions that would have extended the first-time homebuyer credit through September 30, 2010,were identical to those enacted separately as H.R. 111-5623 and signed into law as Pub. L. 111-198 on July 2, 2010.

Meanwhile, the House adopted a resolution , H.Res. 111-1537 , waiving a procedural rule in order to allow a same-day vote on the extenders bill when it was reported backfrom the Senate. That resolution passed by a vote of 233 to 185 , with zero Republicans voting in favor and 15 Democrats against.

The Senate action was reported to the House just before that chamber adjourned for the day, making a vote today likely.

Relevant Documents

07212010 Summary of Reid-Baucus Substitute Amendment to Extend Unemployment Insurance as Modified and Passed.pdf Jul 21

06302010 Summary of Reid, Baucus Substitute Amendment to American Jobs and Closing Tax Loopholes Act to Extend Unemployment Ins Jul 21

House Report 111-552: WAIVING A REQUIREMENT OF C LAUSE 6(A) OF RULE XIII WITH RESPECT TO CONSIDERATION OF CERTAI Jul 21

H.Res. 111-1537 (RH) Jul 20

H.R. 111-5623 (PCS ) Jul 1

06232010 Legislative Text of Modified Substitute Amendment to American Jobs and Closing T ax Loopholes Act.pdf Jun 24

H.R. 111-4213 (EAH ) Jun 7

Related External Links

http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=111&session=2&vote=00215http://clerk.house.gov/evs/2010/roll458.xmlhttp://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=111&session=2&vote=00213

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