< Back to H.R. 348 (105th Congress, 1997–1998)

Text of To amend the Internal Revenue Code of 1986 to increase the unified credit against estate and gift taxes to an ...

...taxes to an amount equivalent to a $1,000,000 exclusion.

This bill was introduced on January 7, 1997, in a previous session of Congress, but was not enacted. The text of the bill below is as of Jan 7, 1997 (Introduced).

Source: GPO

HR 348 IH

105th CONGRESS

1st Session

H. R. 348

To amend the Internal Revenue Code of 1986 to increase the unified credit against estate and gift taxes to an amount equivalent to a $1,000,000 exclusion.

IN THE HOUSE OF REPRESENTATIVES

January 7, 1997

Mr. STUMP introduced the following bill; which was referred to the Committee on Ways and Means


A BILL

To amend the Internal Revenue Code of 1986 to increase the unified credit against estate and gift taxes to an amount equivalent to a $1,000,000 exclusion.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. INCREASE IN UNIFIED ESTATE AND GIFT TAX CREDIT.

    (a) ESTATE TAX CREDIT-

      (1) Subsection (a) of section 2010 of the Internal Revenue Code of 1986 (relating to unified credit against estate tax) is amended by striking ‘$192,800’ and inserting ‘$345,800’.

      (2) Paragraph (2) of section 2001(c) of such Code is amended by striking ‘$21,040,000’ and inserting ‘the amount at which the effective tax rate under this section is 55 percent’.

      (3) Subparagraph (A) of section 2102(c)(3) of such Code is amended by striking ‘$192,800’ and inserting ‘$345,800’.

      (4) Paragraph (1) of section 6018(a) of such Code is amended by striking ‘$600,000’ and inserting ‘$1,000,000’.

    (b) UNIFIED GIFT TAX CREDIT- Paragraph (1) of section 2505(a) of such Code is amended by striking ‘$192,800’ and inserting ‘$345,800’.

    (c) EFFECTIVE DATE- The amendments made by this section shall apply to the estates of decedents dying, and gifts made, after December 31, 1997.