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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.