H. R. 3886
IN THE HOUSE OF REPRESENTATIVES
September 28, 2017
Mr. Austin Scott of Georgia introduced the following bill; which was referred to the Committee on Ways and Means
To amend the Internal Revenue Code of 1986 to increase the unified credit against the estate and gift tax and to simplify the estate and gift tax rates.
Estate and gift tax reforms
Increase in unified credit
Section 2010(c)(3)(A) of the Internal Revenue Code of 1986 is amended by striking
$5,000,000 and inserting
Section 2010(c)(3)(B) of such Code is amended—
2011 in the matter preceding clause (i) and inserting
2010 in clause (ii) and inserting
Simplification of rates
Section 2001(c) of such Code is amended to read as follows:
The tentative tax computed under this subsection is 20 percent of the amount with respect to which such tentative tax is to be computed.
The amendments made by this section shall apply to decedents dying, and gifts made, after the date of the enactment of this section.