Vote Smart's Synopsis:

Vote on a motion to invoke cloture on a bill that increases the federal minimum wage to $7.25 by June 2009 and increases the "Death/Estate Tax" exemptions to $5 million by 2015 and extends many other expiring tax provisions (Sec. 401) (Sec. 101) .

Highlights:

• Continues to allow tax deductions for qualified tuition and related expenses by amending the date to 2007 (Sec. 201).

• Extends deductions for State and local general sales taxes until 2008 (Sec. 203).

• Modifies and extends through 2007 a research credit of 12 percent of "qualified research expenses for the taxable year" above 50 percent of the "average qualified research expenses for the three previous taxable years" (Sec. 204).

• Alters several provisions in the work opportunity tax credit and welfare-to-work credit such as increasing the maximum age for eligibility of food stamp recipients to 40, increasing credit for employment of long-term family assistance recipients and extending other deadlines (Sec. 205).

• Extends the inclusion of combat pay as earned income for purposes of earned income credit until 2008 (Sec. 206).

• Continues above-the-line deduction for certain expenses of elementary and secondary school teachers (Sec. 208).

• Prolongs availability of medical savings accounts until 2007 (Sec. 217).

• Amends the Surface Mining Control and Reclamation Act to reflect changes in amounts, allocations of reclamation fees and transfers of interest earned by the fund (Secs. 301-323).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that increases the federal minimum wage to $7.25 by 2009 and increases the "Death/Estate Tax" exemptions to $5 million by 2015 and extends many other expiring tax provisions.

Highlights:

• Continues to allow tax deductions for qualified tuition and related expenses by amending the date to 2007 (Sec. 201).

• Extends deductions for State and local general sales taxes until 2008 (Sec. 203).

• Modifies and extends through 2007 a research credit of 12 percent of "qualified research expenses for the taxable year" above 50 percent of the "average qualified research expenses for the three previous taxable years" (Sec. 204).

• Alters several provisions in the work opportunity tax credit and welfare-to-work credit such as increasing the maximum age for eligibility of food stamp recipients to 40, increasing credit for employment of long-term family assistance recipients and extending other deadlines (Sec. 205).

• Extends the inclusion of combat pay as earned income for purposes of earned income credit until 2008 (Sec. 206).

• Continues above-the-line deduction for certain expenses of elementary and secondary school teachers (Sec. 208).

• Prolongs availability of medical savings accounts until 2007 (Sec. 217).

• Amends the Surface Mining Control and Reclamation Act to reflect changes in amounts, allocations of reclamation fees and transfers of interest earned by the fund (Secs. 301-323).

Full Bill Text

Full Bill Text