H.R. 4112 (106th): To amend the Internal Revenue Code of 1986 to increase the unified credit against estate and gift ...

...taxes to an exclusion equivalent of $10,000,000 and to provide for an inflation adjustment of such amount.

106th Congress, 1999–2000. Text as of Mar 29, 2000 (Introduced).

Status & Summary | PDF | Source: GPO

HR 4112 IH

106th CONGRESS

2d Session

H. R. 4112

To amend the Internal Revenue Code of 1986 to increase the unified credit against estate and gift taxes to an exclusion equivalent of $10,000,000 and to provide for an inflation adjustment of such amount.

IN THE HOUSE OF REPRESENTATIVES

March 29, 2000

Mr. EWING (for himself, Mr. GOODLING, Mr. WELLER, Mr. BOEHNER, Mr. BARRETT of Nebraska, Mr. POMBO, Mr. SMITH of Michigan, Mr. LUCAS of Oklahoma, Mr. CHAMBLISS, Mr. LAHOOD, Mr. MORAN of Kansas, Mr. FLETCHER, Mr. HAYES, Mr. SIMPSON, Mr. PETERSON of Minnesota, Mr. CANADY of Florida, Mr. COOKSEY, Mr. JENKINS, Mr. WELDON of Florida, Mr. MANZULLO, Mr. COBURN, Mr. HOEKSTRA, Mr. SCHAFFER, Mr. SAXTON, Mr. THUNE, Mr. SESSIONS, Mr. SKEEN, Mr. BILIRAKIS, Mr. WALDEN of Oregon, Mr. BUYER, Mr. CALVERT, Mr. LUCAS of Kentucky, Mr. DREIER, Mrs. BIGGERT, Mr. ENGLISH, Mr. BEREUTER, Mr. HUTCHINSON, Mr. TIAHRT, Mr. GREEN of Wisconsin, Mr. WHITFIELD, and Mr. LATOURETTE) 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 exclusion equivalent of $10,000,000 and to provide for an inflation adjustment of such amount.

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

SECTION 1. UNIFIED CREDIT AGAINST ESTATE AND GIFT TAXES INCREASED TO EXCLUSION EQUIVALENT OF $10,000,000.

    (a) IN GENERAL- Subsection (c) of section 2010 of the Internal Revenue Code of 1986 (relating to applicable credit amount) is amended by striking the table and inserting the following new table:

‘In the case of estates of decedents

--The applicable

dying, and gifts made, during:

--exclusion amount is:

2000

--$5,000,000

2001

--$6,750,000

2002

--$8,500,000

2003 or thereafter

--$10,000,000.’

    (b) INFLATION ADJUSTMENT OF UNIFIED CREDIT- Section 2010 of such Code is amended by redesignating subsection (d) as subsection (e) and by inserting after subsection (c) the following new subsection:

    ‘(d) INFLATION ADJUSTMENT- In the case of any decedent dying, and gift made, in a calendar year after 2003, the $10,000,000 amount set forth in subsection (c) shall be increased by an amount equal to--

      ‘(1) $10,000,000, multiplied by

      ‘(2) the cost-of-living adjustment determined under section 1(f)(3) for such calendar year by substituting ‘calendar year 2002’ for ‘calendar year 1992’ in subparagraph (B) thereof.

    If any amount as adjusted under the preceding sentence is not a multiple of $10,000, such amount shall be rounded to the nearest multiple of $10,000.’.

    (c) REPEAL OF SMALLER SEPARATE EXCLUSION FOR FAMILY-OWNED BUSINESS INTERESTS-

      (1) IN GENERAL- Section 2057 of such Code is hereby repealed.

      (2) CLERICAL AMENDMENT- The table of sections for part IV of subchapter A of chapter 11 of such Code is amended by striking the item relating to section 2057.

    (d) EFFECTIVE DATE- The amendments made by this section shall apply to estates of decedents dying, and gifts made, after December 31, 2000.