H.R. 123 (112th): To amend the Internal Revenue Code of 1986 to make certain tax relief permanent, and to repeal ...

...the estate tax.

112th Congress, 2011–2013. Text as of Jan 05, 2011 (Introduced).

Status & Summary | PDF | Source: GPO

I

112th CONGRESS

1st Session

H. R. 123

IN THE HOUSE OF REPRESENTATIVES

January 5, 2011

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 make certain tax relief permanent, and to repeal the estate tax.

1.

EGTRRA and JGTRRA tax relief made permanent

(a)

Economic Growth and Tax Relief Reconciliation Act of 2001

Title IX of the Economic Growth and Tax Relief Reconciliation Act of 2001 is hereby repealed.

(b)

Income tax rates on dividends and net capital gain

Section 303 of the Jobs and Growth Tax Relief Reconciliation Act of 2003 is hereby repealed.

(c)

Effective date

The amendments made by this section shall take effect on the date of the enactment of this Act.

2.

Reinstatement of estate tax repeal

Effective December 31, 2009, title III of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 is repealed and the Internal Revenue Code of 1986 shall be applied and administered to estates of decedents dying, gifts made, or generation skipping transfers as if the provisions of, and amendments made by, such title had never been enacted.