Policy Update

Senator Frist to Vote August 4 on Estate Tax and Pension Bill

8/02/2006

Source: Independent Sector

Senate Majority Leader Bill Frist announced his plans to hold votes on Friday on the "trifecta" bill (HR 5970) that contains an estate tax reduction, a minimum wage increase, and a package of tax extenders, and then proceed to the pension reform bill (H.R. 4), which contains a package of charitable provisions. 

The vote on the trifecta bill may be a cloture vote to limit debate.  It is not clear whether Frist will find the 60 votes he needs to cut off debate, and if so whether the Senate will stay in longer than the scheduled adjournment date of Friday in order to consider final passage of that measure. 

Frist said that the trifecta bill would be the last chance this year to vote on the tax extenders and minimum wage increase.  He also said that pension bill is a priority which the Senate must pass before leaving.  Minority Leader Reid predicted that the trifecta bill would fail, but that the pension bill would pass.

Source: BNA Daily Tax Report, Congress Daily AM, Congress Daily PM, CQ Today, The Hill

Charities React to Charitable Provisions

Representatives of several charitable groups expressed relief that the package of charitable provisions included in the pension bill (H.R. 4) include both giving incentives as well as reforms.  Independent Sector CEO Diana Aviv was pleased that the IRA rollover was included, but noted that it would be effective for only two years making it difficult to educate the public in time to make use of the provision. 

Janne Gallagher, vice president and general counsel for the Council on Foundations, said the measure is an improvement over the charitable package that was included in the tax reconciliation bill. Source: BNA Daily Tax Report