Sunset Provision
One of the most notable characteristics of EGTRRA is that its provisions were designed to sunset, or revert to the provisions that were in effect before it was passed, on January 1, 2011. These provisions were extended for two years under the 2010 Tax Act. The sunset provision allowed EGTRRA to sidestep the Byrd Rule, a Senate rule that amends the Congressional Budget Act to allow Senators to block a piece of legislation if it purports a significant increase in the federal deficit beyond ten years. The sunset allowed the bill to stay within the letter of the PAYGO law while removing nearly $700 billion from amounts that would have triggered PAYGO sequestration.
Read more about this topic: Economic Growth And Tax Relief Reconciliation Act Of 2001
Famous quotes containing the words sunset and/or provision:
“The freedom of indifference, the indifference of freedom, the will dust in the dust of its object, the act a handful of sand let fall—these were some of the shapes he had sighted, sunset landfall after many days.”
—Samuel Beckett (1906–1989)
“The caretaking has to be done. “Somebody’s got to be the mommy.” Individually, we underestimate this need, and as a society we make inadequate provision for it. Women take up the slack, making the need invisible as we step in to fill it.”
—Mary Catherine Bateson (20th century)