A bill to amend the Internal Revenue Code of 1954 to increase the amount of the annual exclusion from taxable gifts to compensate for inflation since the enactment of such exemption and to provide an automatic increase in such amounts to compensate for future inflation.

Summary

Amends the Internal Revenue Code to increase from $3,000 to $16,500 the amount of the annual gift tax exclusion beginning in taxable year 1982. Provides for an annual inflation adjustment of such amount based on increases in the Consumer Price Index.

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Documents

1 official file

• Introduced in House

  summary · EN · 8 April 1981

  Open at official source

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