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Key Votes

S 2343 - Extends Student Loan Interest Rates (Reid Bill) - Key Vote

National Key Votes

Mike Lee voted Nay (Cloture Vote) on this Legislation.

Read statements Mike Lee made in this general time period.

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Legislation - Bill Failed (Senate) (51-43) - (Key vote)

Title: Extends Student Loan Interest Rates (Reid Bill)

Vote Smart's Synopsis:

Vote to pass a bill that extends current interest rates for undergraduate student loans until July 1, 2013.

Highlights:
  • 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:

NOTE: THIS LEGISLATION NEEDED A TWO-THIRDS MAJORITY VOTE TO PASS

Legislation - Cloture Not Invoked (Senate) (52-45) - (Key vote)

Title: Extends Student Loan Interest Rates (Reid Bill)

Vote Smart's Synopsis:

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.

Highlights:
  • 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:

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) -

Title: Extends Student Loan Interest Rates (Reid Bill)

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