H.R. 13840 (94th): Estate Tax Adjustment Act

Introduced:
May 18, 1976 (94th Congress, 1975–1976)
Status:
Died (Referred to Committee)
Sponsor
Herman Schneebeli
Representative for Pennsylvania's 17th congressional district
Party
Republican
 
Status

This bill was introduced on May 18, 1976, in a previous session of Congress, but was not enacted.

Progress
Introduced May 18, 1976
Referred to Committee May 18, 1976
 
Full Title

A bill to provide estate tax relief for moderate estates and the owners of small businesses and family farms.

Summary

No summaries available.

Cosponsors
7 cosponsors (7R) (show)
Committees

House Ways and Means

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

 
Primary Source

THOMAS.gov (The Library of Congress)

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Citation

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Notes

H.R. stands for House of Representatives bill.

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.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


5/18/1976--Introduced.
Estate Tax Adjustment Act - Establishes new estate tax rates, under the Internal Revenue Code, applicable to deaths occurring on or after October 1, 1980.
Provides transition rates of estate taxation.
Sets new amounts for the state death taxes credit applicable to deaths occurring on or after October 1, 1980.
Provides transitional amounts for such credit.
Increases the estate tax exemption from $60,000 to $150,000, effective October 1, 1980.
Gradually, increases from $30,000 to $40,000 the estate tax exemption for the estates of nonresidents not citizens.
Eliminates the aggregate amount limitation on estate tax deductions for bequests to a surviving spouse.
Allows the full amount of gifts to a spouse to be deducted in computing taxable gifts rather than the present one-half.
Provides that if the aggregate amount of gifts for one quarter does not exceed $100,000 no gift tax return need be filed in that quarter unless it is the fourth calendar quarter.
Provides that if the value of an interest in a closely held business which is included in determining the gross estate of a decedent exceeds either
(1) 35 percent of the value of the gross estate of such decedent, or
(2) 50 percent of the taxable estate of such decedent, but does not exceed $600,000 the executor may elect to:
(1) defer the payment of part or all of the estate tax, and
(2) pay part or all of the tax in two or more (but not exceeding 20) equal installments.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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