Key Votes

HR 2014 - Budget Reconciliation Bill - Key Vote

National Key Votes

Rick Santorum voted Yea (Conference Report Vote) on this Legislation.

Read statements Rick Santorum made in this general time period.

Stages

Family

Issues

Stage Details

Legislation - Signed (Executive) - Became Public Law No. 105-34 -
Note:

NOTE: THIS BILL WAS SIGNED AFTER A LINE ITEM VETO(S).

Legislation - Conference Report Adopted (Senate) (92-8) - (Key vote)

Title: Budget Reconciliation Bill

Vote Smart's Synopsis:

Vote to adopt a conference report on a bill that provides a net tax decrease over the next ten years.

Highlights:
  • Lowers net taxes by $95.2 billion over 5 years and $275 billion over 10 years.
  • $39 billion in tax incentives for education, including $1,500 credit per-student for each of the first two years of college.
  • $500 per child tax credit for single parents with an income less than $75,000 or couples with a joint income of $110,000 or less.
  • Creates Individual Retirement Accounts with non-deductible contributions and tax-free earned interest (Roth IRA's).
  • Reduces maximum capital gains tax rate from 28% to 20%.
  • Raises federal estate tax exemption from $600,000 to $1 million over 10 years.
  • Designates entire gas tax for the Highway Trust Fund.
  • Changes alternative minimum tax for large corporations and eliminates it for small businesses.
  • Increases availability of penalty-free and tax-free withdrawals from Individual Retirement Accounts in order to fund higher education.
  • Allows ethanol tax credit to expire on September 30, 1999.
Legislation - Conference Report Adopted (House) (389-43) - (Key vote)

Title: Budget Reconciliation Bill

Vote Smart's Synopsis:

Vote to adopt a conference report on a bill that provides a net tax decrease over the next ten years.

Highlights:
  • Lowers net taxes by $95.2 billion over 5 years and $275 billion over 10 years.
  • $39 billion in tax incentives for education, including $1,500 credit per-student for each of the first two years of college.
  • $500 per child tax credit for single parents with an income less than $75,000 or couples with a joint income of $110,000 or less.
  • Creates Individual Retirement Accounts with non-deductible contributions and tax-free earned interest (Roth IRA's).
  • Reduces maximum capital gains tax rate from 28% to 20%.
  • Raises federal estate tax exemption from $600,000 to $1 million over 10 years.
  • Designates entire gas tax for the Highway Trust Fund.
  • Changes alternative minimum tax for large corporations and eliminates it for small businesses.
  • Increases availability of penalty-free and tax-free withdrawals from Individual Retirement Accounts in order to fund higher education.
  • Allows ethanol tax credit to expire on September 30, 1999.
Legislation - Bill Passed With Amendment (Senate) (80-18) -
Legislation - Bill Passed (House) (253-179) - (Key vote)

Title: Budget Reconciliation Bill

Vote Smart's Synopsis:

Vote to pass a bill that provides a net tax decrease over the next ten years.

Highlights:
  • Amends the Internal Revenue Code to allow a tax credit of up to $500 for each of a taxpayer's qualifying children.
  • Permits total aggregate tax deduction of up to $40,000 for higher education expenses that have already been paid for.
  • Waives the 10 percent withdrawal tax on Individual Retirement Account (IRA) distributions if the withdrawal is used to pay higher education expenses.
  • Establishes the American Dream (AD) IRA, limits contributions to $2,000 annually, and prohibits deductions for contributions to an AD IRA.
  • Increases the unified estate and gift tax credit to $1 million by the year 2006.
  • Postpones certain tax-related deadlines if taxpayers are affected by a Federal disaster.
  • Amends the Tariff Act of 1930 to suspend taxes on the repair of certain vessels for 1 year.
  • Changes the rules regarding corporate shareholder's basis in stock to state that if the untaxed portion of extraordinary dividends received is greater than the basis, it will be treated as a profit for that taxable year.
  • Revises the means of translating foreign taxes into dollars by using the average exchange rate for the taxable year.
  • Exempts individuals whose entire gross income comes from foreign sources and whose amount of creditable foreign taxes paid is under $300 from the foreign tax credit limitation.
  • Establishes penalties for the unauthorized inspection of tax returns and tax return information.
  • Repeals the requirement that wholesale liquor dealers post signs outside their stores indicating they sell liquor wholesale.
Legislation - Introduced (House) -

Title: Budget Reconciliation Bill

Sponsors

  • John Richard Kasich (OH - R) (Out Of Office)