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 value of exemptions for taxable estates under the Internal Revenue Code from $60,000 to $200,000 of the value of the gross estate. Increases the limitation on the aggregate marital deduction to 50 percent of the adjusted gross value of the estate, plus $100,000. Allows an executor to value farmland, woodland, and scenic open land at its current use value rather than at its fair market value.

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

Timeline

1. 27 February 1975

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 27 February 1975

   Introduced

   Introduced in House

   Source: IntroReferral

3. 27 February 1975

   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 · 27 February 1975

  Open at official source

Sponsors

• Rep. Madigan, Edward R. [R-IL-21] · R · 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.