H.R. 5421 (109th): To amend the Internal Revenue Code of 1986 to restore the estate tax and repeal the carryover basis rule, to increase the estate and gift tax unified credit to an exclusion equivalent of $5,000,000, and to reduce the rate of the estate and gifts taxes to the generally applicable capital gains income tax rate.

Introduced:
May 18, 2006 (109th Congress, 2005–2006)
Sponsor:
Rep. Collin Peterson [D-MN7]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on May 18, 2006, in a previous session of Congress, but was not enacted.

Progress
Introduced May 18, 2006
Cosponsors
2 cosponsors (1R, 1D) (show)
Committees

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

Summary

No summaries available.

Text

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Last updated May 18, 2006.
6 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

5/18/2006--Introduced.
Repeals provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 which eliminated the estate and generation skipping transfer tax and carryover basis rules for estates.
Reduces the estate tax rate to the lower of 15% or the capital gains income tax rate generally applicable to individual taxpayers. Reduces the gift tax rate to 15%.
Establishes a single estate and gift tax unified credit amount of $5 million.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

No summary available.

House Democratic Caucus Summary

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