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- H.R.5421
H.R.5421: 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
About This Bill
- This bill was introduced in the 109th Congress
- This bill is primarily about congress
- Introduced May 18, 2006
- Latest Major Action May 18, 2006
- See the one similar bills introduced in other congresses.
Bill Sponsor
Bill Summary
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 tax rate to the lower of 15% or the capital gains income tax rate generally applicable to individual taxpayers. Reduces the gift tax rate to 15%.Establishes a single estate and gift tax unified credit amount of $5 million.
(Source: Library of Congress)
Bill Actions
Date | Description |
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Referred to the House Committee on Ways and Means.
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May 18, 2006 |
Introduced in the House by Collin C. Peterson (D-Minn.) |