To amend the Internal Revenue Code of 1986 and the Economic Growth and Tax Relief Reconciliation Act of 2001 to restore the estate tax and repeal the carryover basis rule and to increase the estate tax unified credit to an exclusion equivalent of $3,500,000.

Summary

Amends the Internal Revenue Code to: (1) restore the tax on estates and generation-skipping transfers; (2) repeal the termination of provisions allowing a step-up in basis for property transferred by a decedent; and (3) increase the estate tax exclusion amount to $3.5 million, with an annual inflation adjustment to such amount beginning in 2007.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 12 April 2005

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• Introduced in House (PDF)

  Introduced in House · EN · 12 April 2005

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• Introduced in House

  summary · EN · 12 April 2005

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