Spending Reduction Act of 2012
Rule Hearing Information:
For more on this hearing, click here.
Amendments were not filed with the Committee on Rules.
Rule Information for the Senate Amendment to H.J. Res. 66 and H.R. 6684
REPORTED BY VOICE VOTE on Wednesday, December 19, 2012.
FLOOR ACTION ON H. RES. 841:
Adopted by record vote of 219-197, after agreeing to the previous question by record vote of 233-194, on Thursday, December 20, 2012.
1. Provides for the consideration of the Senate amendment to H.J. Res. 66.
2. Makes in order a motion by the chair of the Committee on Ways and Means that the House concur in the Senate amendment with the amendment printed in the Rules Committee report accompanying the resolution.
3. Waives all points of order against consideration of the motion.
4. Provides that the Senate amendment and the motion shall be considered as read.
5. Provides one hour of debate on the motion equally divided and controlled by the chair and ranking minority member of the Committee on Ways and Means.
6. Closed rule for H.R. 6684.
7. Provides one hour of debate equally divided and controlled by the Majority Leader and Minority Leader or their respective designees.
8. Waives all points of order against consideration of the bill.
9. Provides that the bill shall be considered as read.
10. Waives all points of order against provisions in the bill.
11. Provides one motion to recommit.
Summary of Amendments to be Made in Order:
(summaries derived from information provided by sponsors)
SUBSTITUTE AMENDMENT. The amendment would permanently extend current income tax rates, permanently establish parity between capital gains and dividends rates for individuals, families, and small businesses with incomes up to $1 million. The amendment also makes permanent the Marriage Penalty Relief, the Child Tax Credit, repeal of the Personal Exemption Phase-out (PEP) and Pease limitation, Estate Tax Relief, and Education-related and other tax benefits. The amendment also makes permanent higher Section 179 Small Business Expensing and the Alternative Minimum Tax (AMT) Patch.