Key Votes
S 2343 - Extends Student Loan Interest Rates (Reid Bill) - Key Vote
National Key Votes
Susan Collins voted Nay (Cloture Vote) on this legislation.
Read recent statements Susan Collins made in this general time period.
Stages
- May 24, 2012 Senate Bill Failed
- May 24, 2012 Senate Motion Agreed
- May 8, 2012 Senate Cloture Not Invoked
- April 24, 2012 Introduced
Family
- S 2343 - Extends Student Loan Interest Rates (Reid Bill)
- S Amdt 2153 - Prohibits Increase in Interest Rates for Student Loans (Lamar Bill)
Issues
Stage Details
Legislation - Bill Failed (Senate) (51-43) - May 24, 2012 (Key vote)
Title: Extends Student Loan Interest Rates (Reid Bill)
Vote to pass a bill that extends current interest rates for undergraduate student loans until July 1, 2013.
- Extends the following interest rates for undergraduate Federal Direct Stafford Loans from July 1, 2012 to July 1, 2013 (Sec. 2):
- 6.8 percent on the unpaid principal balance of the loan if the first disbursement was made on or after July 1, 2006 but before July 1, 2008;
- 6 percent on the unpaid principal balance of the loan if the first disbursement was made on or after July 1, 2008 but before July 1, 2009;
- 5.6 percent on the unpaid principal balance of the loan if the first disbursement was made on or after July 1, 2009 but before July 1, 2010;
- 4.5 percent on the unpaid principal balance of the loan if the first disbursement was made on or after July 1, 2010 but before July 1, 2011; and
- 3.4 percent on the unpaid principal balance of the loan if the first disbursement was made on or after July 1, 2011 but before July 1, 2013.
- Requires the “applicable shareholders” of a professional service business in which 75 percent of the gross income of the business is attributable to 3 or fewer shareholders to include each shareholder's portion of the business' profits or losses in the shareholder's net income (Sec. 3).
- Defines “applicable shareholder” as any shareholder whose modified adjusted gross income for the tax year exceeds following amounts (Sec. 3):
- $250,000 for a married shareholder who is filing jointly;
- $125,000 for a married shareholder who is filing separately; or
- $200,000 for all other shareholders.
NOTE: THIS LEGISLATION NEEDED A TWO-THIRDS MAJORITY VOTE TO PASS
Legislation - Motion Agreed (Senate) - May 24, 2012
NOTE: THIS VOTE PASSED BY UNANIMOUS CONSENT, MEANING NO MEMBER OBJECTED TO THE PASSAGE OF THE VOTE. THIS DOES NOT NECESSARILY INDICATE THAT ALL MEMBERS FAVORED THE VOTE'S OUTCOME.
NOTE: THIS IS A VOTE ON A MOTION TO PROCEED, WHICH SENDS THE LEGISLATION TO THE FLOOR OF THE SENATE FOR DEBATE AND AMENDMENT. A MOTION TO PROCEED REQUIRES A MAJORITY OF THE SENATE FOR APPROVAL.
Legislation - Cloture Not Invoked (Senate) (52-45) - May 8, 2012 (Key vote)
Title: Extends Student Loan Interest Rates (Reid Bill)
Vote to invoke cloture on a motion to proceed on a bill that extends current interest rates for undergraduate student loans until July 1, 2013.
- Extends the following interest rates for undergraduate Federal Direct Stafford Loans from July 1, 2012 to July 1, 2013 (Sec. 2):
- 6.8 percent on the unpaid principal balance of the loan if the first disbursement was made on or after July 1, 2006 but before July 1, 2008;
- 6 percent on the unpaid principal balance of the loan if the first disbursement was made on or after July 1, 2008 but before July 1, 2009;
- 5.6 percent on the unpaid principal balance of the loan if the first disbursement was made on or after July 1, 2009 but before July 1, 2010;
- 4.5 percent on the unpaid principal balance of the loan if the first disbursement was made on or after July 1, 2010 but before July 1, 2011; and
- 3.4 percent on the unpaid principal balance of the loan if the first disbursement was made on or after July 1, 2011 but before July 1, 2013.
- Requires the “applicable shareholders” of a professional service business in which 75 percent of the gross income of the business is attributable to 3 or fewer shareholders to include each shareholder's portion of the business' profits or losses in the shareholder's net income (Sec. 3).
- Defines “applicable shareholder” as any shareholder whose modified adjusted gross income for the tax year exceeds following amounts (Sec. 3):
- $250,000 for a married shareholder who is filing jointly;
- $125,000 for a married shareholder who is filing separately; or
- $200,000 for all other shareholders.
NOTE: THIS IS A VOTE TO INVOKE CLOTURE ON A MOTION TO PROCEED, WHICH SENDS THE LEGISLATION TO THE FLOOR OF THE SENATE FOR DEBATE AND AMENDMENT. A MOTION TO PROCEED ALONE REQUIRES A MAJORITY FOR APPROVAL. HOWEVER, THE MOTION CAN BE FILIBUSTERED, AND WHEN THIS OCCURS, A CLOTURE VOTE IS NECESSARY TO VOTE ON THE MOTION TO PROCEED. A THREE-FIFTHS MAJORITY OF THE SENATE IS NECESSARY TO INVOKE CLOTURE.
NOTE: THIS LEGISLATION NEEDED A THREE-FIFTHS MAJORITY VOTE TO PASS.
Legislation - Introduced (Senate) - April 24, 2012
Title: Extends Student Loan Interest Rates (Reid Bill)
Sponsors
Co-sponsors
- Mark Begich (AK - D)
- Jeff Bingaman (NM - D) (Out Of Office)
- Richard Blumenthal (CT - D)
- Barbara Boxer (CA - D)
- Sherrod C. Brown (OH - D)
- Richard J. 'Dick' Durbin (IL - D)
- Al Franken (MN - D)
- Kirsten E. Gillibrand (NY - D)
- Thomas 'Tom' Harkin (IA - D)
- Daniel K. Inouye (HI - D) (Out Of Office)
- Patrick J. Leahy (VT - D)
- Jeffery A. 'Jeff' Merkley (OR - D)
- Barbara A. Mikulski (MD - D)
- Patty Murray (WA - D)
- John Francis 'Jack' Reed (RI - D)
- John D. 'Jay' Rockefeller IV (WV - D)
- Bernard 'Bernie' Sanders (VT - I)
- Charles E. 'Chuck' Schumer (NY - D)
- Debbie Ann Stabenow (MI - D)
- Thomas S. 'Tom' Udall (NM - D)
- Sheldon Whitehouse (RI - D)
- Ron Wyden (OR - D)
