WASHINGTON, May 28 - With the Memorial Day holiday, members of the U.S. House of Representatives face a condensed workweek, but have a long list of bills on the “to do” list and a number of hearings, starting on Thursday.
No formal hearings are scheduled to the House Agriculture Committee as staff members continue behind the scenes work on the 2012 Farm Bill, but a House subcommittee will address a topic that is sure to resonate with thousands of farmers and ranchers: “Planning for the Death Tax: Can small businesses survive?”
In 2010, Congress approved changes in the federal estate tax that sets the top tax rate at 35 percent with a $5 million exemption. But those changes expire at the end of this year, and revert to the pre-2001 levels. Unless Congress adopts new legislation to change the limits before Dec. 31, 2012, farmers and small businesses will face a $1 million estate and gift tax exemption and increased estate and gift tax rates of 55% (and up to 60% for estates valued over $10 million).
Given the rapid increases in farmland values in recent years, many farm families could easily exceed the lower limits and be forced to sell part of their assets in order to pay estate taxes.
“The death tax has the potential to rob small business owners of their legacy,” said House Small Business Subcommittee Chairman Joe Walsh. “These men and women have worked their entire lives building a business they can pass along to their children. Taxing our businesses to death is no way to grow our economy.”
The House is also expected to act on three major 2013 spending bills, covering intelligence, military construction/Veterans Affairs and possibly Energy and Water Development and Related Agencies. Lawmakers will also take up a dozen bills under suspension of the rules.
For more on this week’s schedule:
Monday, May 28:
Happy Memorial Day!
Tuesday, May 29:
The House will meet at 2:00 p.m. in pro forma session.
9:00 a.m. – 5:00 p.m., USDA Advisory Committee on Biotechnology & 21st Century Agriculture (AC21) Plenary Meeting: Impacts of Modern Agriculture Biotechnology on the US Food and Agriculture System and Coexistence among Different Agricultural Production Methods, 1331 F Street NW, Suite 800.
11:00 a.m. EDT - U.S. Farmers and Ranchers Alliance (USFRA) will host a Web chat on antibiotic use in food animals. Streamed live, the Web chat will include two third-party experts who will share their expertise on and address common misperceptions and answer questions about antibiotic use in livestock and poultry production. For more information about USFRA, click here.
USDA Reports: Crop Progress
Wednesday, May 30:
9:00 a.m. – 3:45 p.m., USDA Advisory Committee on Biotechnology & 21st Century Agriculture (AC21) Plenary Meeting: Impacts of Modern Agriculture Biotechnology on the US Food and Agriculture System and Coexistence among Different Agricultural Production Methods, 1331 F Street NW, Suite 800.
Deputy Secretary Merrigan will travel to Boston, MA.
Legislation Considered Under Suspension of the Rules:
1) H.R. 5651 - Food and Drug Administration Reform Act of 2012, as amended (Sponsored by Rep. Fred Upton / Energy and Commerce Committee)
2) H.R. 3310 - Federal Communications Commission Consolidated Reporting Act of 2012, as amended (Sponsored by Rep. Steve Scalise / Energy and Commerce Committee)
3) H.R. 3541 - Prenatal Nondiscrimination Act (PRENDA) of 2012, as amended (Sponsored by Rep. Trent Franks / Judiciary Committee)
4) H.R. 5512 - Divisional Realignment Act of 2012, as amended (Sponsored by Rep. Bennie Thompson / Judiciary Committee)
5) H.R. 4201 - The Servicemember Family Protection Act (Sponsored by Rep. Mike Turner / Veterans’ Affairs Committee)
6) H.R. 1299 - The Secure Border Act of 2011 (Sponsored by Rep. Candice Miller / Homeland Security Committee)
7) H.R. 3670 - To require the Transportation Security Administration to comply with the Uniformed Services Employment and Reemployment Rights Act (Sponsored by Rep. Timothy Walz / Homeland Security Committee / Veterans’ Affairs Committee)
8) H.R. 2764 - The WMD Intelligence and Information Sharing Act of 2011 (Sponsored by Rep. Patrick Meehan / Homeland Security Committee)
9) H.R. 915 - The Jaime Zapata Border Security Task Force Act (Sponsored by Rep. Henry Cuellar / Homeland Security Committee)
10) H.R. 3140 - The Mass Transit Intelligence Prioritization Act (Sponsored by Rep. Jackie Speier / Homeland Security Committee)
11) Concur in the Senate Amendment to H.R. 5740 - National Flood Insurance Program Extension Act (Sponsored by Rep. Judy Biggert / Financial Services Committee)
12) H.R. 4041 - Export Promotion Reform Act (Sponsored by Howard Berman / Foreign Affairs Committee)
Thursday, May 31:
The House will meet at 10:00 a.m. for morning hour and 12:00 p.m. for legislative business.
H.R. 5743 - Intelligence Authorization Act for Fiscal Year 2013 (Subject to a Rule) (Sponsored by Rep. Mike Rogers (MI) / Permanent Select Intelligence Committee)
H.R. 5854 - Military Construction and Veterans Affairs and Related Agencies Appropriations Act, 2013 (Subject to a Rule) (Sponsored by Rep. John Culberson / Appropriations Committee)
Possible Consideration of H.R. 5325 - Energy and Water Development and Related Agencies Appropriations Act, 2013 (Subject to a Rule) (Sponsored by Rep. Rodney Frelinghuysen / Appropriations Committee)
Possible Motions to Instruct Conferees on H.R. 4348 - Surface Transportation Extension Act of 2012, Part II
9:30 a.m., House Committee on Oversight & Government Reform, Hearing: Rhetoric vs. Reality: Does President Obama Really Support an “All-of-the-Above” Energy Strategy? 2154 Rayburn House Office Building.
10:00 a.m., House Committee on Small Business | Subcommittee on Economic Growth, Tax, and Capital Access, Hearing: Planning for the Death Tax: Can Small Businesses Survive? 2360 Rayburn House Office Building.
10:00 a.m., House Committee on Energy and Commerce | Subcommittees on Environment Policy and Governance Oversight, Hearing: Nuclear Regulatory Commission (NRC) Policy and Governance, 2123 Rayburn House Office Building.
10:00 a.m., House Committee on Education & the Workforce | Subcommittee on Health, Employment, Labor, and Pension, Hearing: Barrier to Lower Health Care Costs for Workers and Employers, 2175 Rayburn House Office Building.
10:00 a.m., House Committee on Science, Space, and Technology | Subcommittee on Technology and Innovation, Hearing: Examining the Proposed National Network for Manufacturing Innovation, 2318 Rayburn House Office Building.
10:00 a.m., House Committee on Financial Services, Markup of H.R. 1588, Consumer Rental Purchase Agreement Act and H.R. 3128, to amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to adjust the date on which consolidated assets are determined for purposes of exempting certain instruments of smaller institutions from capitol deductions, 2128 Rayburn House Office Building.
10:15 a.m., House Committee on Veterans’ Affairs, Hearing: Reviewing the Implementation of Major Provisions of the VOW to Hire Heroes Act of 2011, 334 Cannon House Office Building.
10:15 a.m., House Committee on Energy and Commerce | Subcommittee on Communications and Technology, Hearing: International Proposals to Regulate the Internet, 2322 Rayburn House Office Building.
2:30 p.m., House Committee on Oversight & Government Reform, Hearing: Rhetoric vs. Reality, Part II: Assessing the Impact of New Federal Red Tape on Hydraulic Fracturing and American Energy Independence, 2154 Rayburn House Office Building.
2:30 p.m., House Committee on the Judiciary | Subcommittee on Immigration Policy and Enforcement, Hearing: To amend Public Law 89-732 to modify the requirement for a Cuban national to qualify for and maintain status as a permanent resident, 2141 Rayburn House Office Building.
Deputy Secretary Merrigan will travel to Syracuse, NY.
USDA Reports: Agricultural Prices, Outlook for U.S. Agricultural Trade
Friday, June 1:
The House will meet at 9:00 a.m. for legislative business. Last votes expected no later than 3:00 p.m.
10:00 a.m., House Committee on Natural Resources | Subcommittee on Energy and Mineral Resources, Hearing: Oversight Hearing on the “Obama Administration’s Actions Against the Spruce Coal Mine: Canceled Permits, Lawsuits and Lost Jobs,” 1324 Longworth House Office Building.
USDA Reports: U.S. Export Sales
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