< Back to H.R. 683 (105th Congress, 1997–1998)

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

...to an amount equivalent to a $1,200,000 exemption.

This bill was introduced on February 11, 1997, in a previous session of Congress, but was not enacted. The text of the bill below is as of Feb 11, 1997 (Introduced).

Source: GPO

HR 683 IH

105th CONGRESS

1st Session

H. R. 683

To amend the Internal Revenue Code of 1986 to increase the unified estate and gift tax credit to an amount equivalent to a $1,200,000 exemption.

IN THE HOUSE OF REPRESENTATIVES

February 11, 1997

Mr. LIVINGSTON (for himself, Mr. BAKER, Mrs. CHENOWETH, Mr. COOKSEY, Mr. ENGLISH of Pennsylvania, Mr. FORBES, Mr. FROST, Ms. GRANGER, Mr. HAYWORTH, Mr. HOLDEN, Mrs. KELLY, Mr. KNOLLENBERG, Mr. LATHAM, Mr. LEWIS of California, Mr. MCHUGH, Mr. MCINTOSH, Ms. MOLINARI, Mrs. MYRICK, Mr. NEY, Mr. NETHERCUTT, Mr. NORWOOD, Mr. PACKARD, Mr. PARKER, Mr. PETRI, Mr. RADANOVICH, Mr. ROHRABACHER, Mr. SHADEGG, Mr. SKEEN, Mr. SNOWBARGER, and Mr. WALSH) 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 estate and gift tax credit to an amount equivalent to a $1,200,000 exemption.

    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) GENERAL RULE- Sections 2010(a), 2102(c)(3)(A), and 2505(a)(1) of the Internal Revenue Code of 1986 are each amended by striking ‘$192,800’ and inserting ‘$427,800’.

    (b) FILING REQUIREMENT- Paragraph (1) of section 6018(a) of such Code is amended by striking ‘$600,000’ and inserting ‘$1,200,000’.

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

    (d) EFFECTIVE DATE- The amendments made by this section shall apply to the estates of decedents dying, and gifts made, after the date of the enactment of this Act.