Cleveland Law Library Weblog

House Passes Pension Reform Bill

The U.S. House of Representatives passed HR 2830, their version of pension reform.  The Senate had previously passed a pension reform bill, so a compromise bill will need to be worked out.  For an article summarizing the key components of the House bill see:  House Passes Bill to Bolster Pension Plans and Pension Bill Provisions by Jim Abrams, The Plain Dealer, December 16, 2005. For information on the Senate's pension reform bill, see our previous post Senate Passes Pension Reform.  Also see our previous post: Congress Attempts Pension Reform.   For comparison of the House and Senate bills, see National Council on Teacher Retirement: Comparison of House and Senate Pension Bills, 11/30/2005 and Your retirement money: Changes Ahead by Jean Sahadi, CNN Money, Dec. 1, 2005.  But be cautioned that changes were made to the House bill after these comparison charts were written.  House GOP Reaches Deal with UAW on Pension Reform, U.S.A. Today, Dec. 13, 2005. 

Congress Runs Out of Time to Fix Alternative Minimum Tax

The Senate majority leader indicated that the Senate would probably run out of time in this session to extend the alternative minimum tax exemption.  The exemption can be voted upon in January and made retroactive for tax year 2006.  Time Up to Fix Alternative Minimum Tax by Mary Dalrymple (Associated Press), The Plain Dealer, December 14, 2005; "Senate Leader Predicts No Action This Year on Relief From the Alternative Minimum Tax", by Carl Hulse, New York Times, December 14, 2005. See our previous posts:  House Votes to Extend Relief from Alternative Minimum Tax and Alternative Minimum Tax Will Affect 19 Million More Taxpayers, Unless Congress Acts. 

House Votes to Extend Relief from Alternative Minimum Tax

Yesterday, the House passed H.R. 4096, extending the increased exemption amount for the alternative minimum tax until 2006.  House Considers Another Tax-Cut Bill , Ohio News Network, Dec. 8, 2005. 

Alternative Minimum Tax Will Affect 19 Million More Taxpayers, Unless Congress Acts

If Congress does not pass legislation by the end of the year, 19 million more people will be subject to the alternative minimum tax. The Senate passed S.2020, which extends the increased exemption amounts for alternative minimum tax.  This week the House plans to consider a bill that will temporarily fix the problem.  See H.R. 1599, 4297.   Lawmakers Running Out of Time for Alternative Minimum Tax Fix , Ohio News Now, December 7, 2005.

Senate Passes Pension Reform

The U.S. Senate passed S. 1783 requiring employers to make increased payments to the Pension Benefits Guarantee Corp.  On a voice vote, the Senators allowed airlines to stretch out payments to their underfunded pension plans for 20 years.  The House version, HR 2830 does not extend such relief to the airline industry, nor does the President favor such relief.  Senate Votes to Shore Up Pensions, Guarantees The Plain Dealer,Nov. 17, 2005.  See also Pension Bill Critics will End Stalemate in Senate by Stephen Koff,  The Plain Dealer, Nov. 12, 2005.  See our previous post Congress Attempts Pension Reform, June 15, 2005.

Constitutionality of Gun Lawsuit Bill Questioned

For an article questioning the constitutionality of the gun lawsuit act, see Gun Bill Is Law, but Will It Last? by Peter Geier, National Law Journal, Nov. 4, 2005.  The Commerce in Arms Act of 2005 shields gun manufacturers from lawsuits by crime victims.  See our prior post President Signs Gun Lawsuit Bill.

Federal Bill to Deny Funds When Eminent Domain Used for Economic Development

The U.S. House of Representatives passed H.R. 4128 to deny federal economic development funds to states and cities that seize property for economic development.  The bill will go to the Senate, where companion legislation will be created.  See Cuyahoga Planning Commission Blog, Nov. 4, 2005; House Blocks Property Seizure by Jim Abrams, The Plain Dealer, Nov. 4, 2005.  See our prior post:  Eminent Domain Seizures Permitted for Economic Development (re. Kelo v. City of New London).

President Signs Gun Lawsuit Bill

The President signed legislation which will halt most lawsuits filed by crime victims against gun manufacturers and dealers.  See S.B. 397.  See our previous post Senate Approves Gun Lawsuit Bill, July 30, 2005. 

Article Summarizing Class Action Reform Act

For a good brief summary of the Class Action Fairness Act, see New Class Action Legislation Expected to Reduce Claims by Larry Rulison, Portland Business Journal, October 21, 2005.  See also S.B. 5 Summary of Public Law (via Thomas).

More on Estate Tax Elimination

Pro and anti-estate tax groups are making their opinions known to Senators, who will vote on whether to permanently repeal the federal estate tax.  See H.R. 8 and our previous post:  34 States Eliminate Estate Tax.  Ohio H.B. 66 repealed the Ohio estate tax, but reinstates income taxes on trusts. Source:Cincinnati Law Library Blog: Federal Estate Tax.