A bill to amend the Internal Revenue Code of 1954 to provide a $50,000 credit against the estate tax in lieu of the estate tax exemption and to provide an alternate method of valuing certain real property for estate tax purposes.

referredUnited States· United States Congress· EN

Introduced

4 March 1976

Last action

—

Status

Referred to House Committee on Ways and Means.

Summary

Establishes a tax credit of $50,000 under the estate tax provisions of the Internal Revenue Code with respect to the tax imposed on any estate. Repeals the estate tax exemption. Allows an executor to value farmland, woodland, and scenic open land at its current use value rather than at its fair market value.

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Documents

1 official file

Introduced in House
summary · EN · 4 March 1976
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/94th-congress/house-bill/12313
Open data entity: https://api.congress.gov/v3/bill/94/hr/12313