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

Status:
Died in a previous Congress

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

Sponsor:

Collin Peterson

Representative for Minnesota's 7th congressional district

Democrat

Text:

Read Text »
Last Updated: May 18, 2006
Length: 6 pages

About the bill

Summary (CRS)
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 ... Read more >
Related Bills

Legislative action may be ocurring on one of these bills in lieu of or in parallel to action on this bill.

H.R. 2610 (108th) was a previous version of this bill.

Referred to Committee
Last Action: Jun 26, 2003

H.R. 5970 (Related)
Estate Tax and Extension of Tax Relief Act of 2006

Failed Cloture
Last Action: Aug 3, 2006

What is a bill?

The “H.R.” in “H.R. 5421” means this is a House of Representatives bill in the United States Congress. A bill must be passed by both the House and Senate in identical form and then be signed by the President to become law.

The bill’s title was written by its sponsor.

History

Introduced
May 18, 2006

Details

Cosponsors
2 cosponsors (1R, 1D) (show)
Committee Assignments

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

Votes

There have been no votes related to this bill.

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Primary Source

THOMAS.gov (The Library of Congress)

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