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H.R. 5638: Permanent Estate Tax Relief Act of 2006

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H.R. 5638: Permanent Estate Tax Relief Act of 2006

109th Congress · introduced 2006-06-19 · Taxation · Latest: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 496.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2006-06-19 · official record
  2. Who proposed it: Rep. Thomas, William M. [R-CA-22] · what a sponsor is
  3. What happened next: 4 recorded votes in our records. Latest: House roll call 312 (2006): On Consideration, HR5638 (2006-06-22), Passed. See all
  4. Where it stands now: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 496. Not final yet: this can still change. We check for updates every day.
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Permanent Estate Tax Relief Act of 2006

Plain summary

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.) Permanent Estate Tax Relief Act of 2006 - Amends the Internal Revenue Code to restore the unified estate and gift tax exclusion and increase the exclusion amount to $5 million beginning in 2010. Adjusts such exclusion amount for inflation after 2010. Lowers the estate tax rate to equal the current long-term capital gains tax rate (i.e., 15% through 2010) for taxable estates up to $25 million and to twice such tax rate for estates of $25 million or more, beginning in 2010. Repeals after 2009 the estate tax deduction for estate, inheritance, legacy, or succession taxes paid to states. Provides that the general termination date of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) (i.e., December 31, 2010) shall not apply to estate, gift, and generation-skipping transfer tax provisions of EGTRRA which are not amended by this Act. Repeals provisions of EGTRRA relating to carryover basis of estate property to allow heirs to use a date-of-death fair market value for such property after 2009. Allows a surviving spouse to claim any unused portion of a deceased spouse's estate or gift tax exclusion amount. Allows a taxpayer election to deduct 60% of the lesser of qualified timber gain or net capital gain for a taxable year. Allows such deduction to taxpayers who do not itemize deductions. Terminates such deduction after 2008.

Congressional Research Service summary (Passed House without amendment), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Permanent Estate Tax Relief Act of 2006

Source: Congressional Research Service summary (Passed House without amendment)

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The strongest published arguments

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Thomas, William M. [R-CA-22] · 51 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Pete Sessions (R-TX), Mike Rogers (R-AL), Ken Calvert (R-CA), Michael T. McCaul (R-TX), Robert B. Aderholt (R-AL)

Recorded votes

Words on this page, explained (2)
Capital gains
The profit from selling something you own, such as stock or real estate, for more than you paid. A capital gains tax is a tax on that profit.
Estate tax
A tax on the property of a person who has died, paid from the estate before what is left passes to the heirs. Compare inheritance tax.

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong109-hr5638 · catalog fed-us-congress-bills-cong109 · updated 2026-11-15 by psicol fed-bills-cong109