A bill to amend the Internal Revenue Code of 1954 to increase the exemption for purposes of the Federal estate tax, to increase the estate tax marital deduction, and to provide an alternate method of valuing certain real property for estate tax purposes.

Summary

Increases the exemption for the Federal estate tax from $60,000 to $200,000. Limits the aggregate deduction for value of property passed to a surviving spouse to $100,000, plus 50 percent of the value of the adjusted gross estate. Allows an estate executor to determine the value of any real property in an estate by its use for farmland, woodland, or scenic open space.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 24 September 1974

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 24 September 1974

   Introduced

   Introduced in House

   Source: IntroReferral

3. 24 September 1974

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 24 September 1974

  Open at official source

Sponsors

• Rep. Fuqua, Don [D-FL-2] · D · Sponsor
• · hswm00 · Standing

Related records

• related to → A bill to amend the Internal Revenue Code of 1954 to increase the exemption for purposes of the Federal estate tax, to increase the estate tax marital deduction, and to provide an alternate method of valuing certain real property for estate tax purposes.