To amend the Internal Revenue Code of 1986 to repeal the new carryover basis rules in order to prevent tax increases and the imposition of compliance burdens on many more estates than would benefit from repeal, to retain the estate tax with a $3,500,000 exemption, to reinstitute and update the Pay-As-You-Go requirement of budget neutrality on new tax and mandatory spending legislation, enforced by the threat of annual, automatic sequestration, and for other purposes.

Summary

Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Act of 2009 - Repeals provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) eliminating the tax on estates and generation-skipping transfers and the step-up in basis provisions for property acquired from a decedent for estates of decedents dying after 2009. Declares that the sunset provision (general terminating date of December 10, 2010) of EGTRRA shall not apply to title V of such Act (Estate, Gift, and Generation-Skipping Transfer Tax Provisions). Amends the Internal Revenue Code to allow a $3.5 million estate tax exclusion and a reduction in the maximum estate and gift tax rate to 45% after 2009.

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Documents

10 official files

• Placed on Calendar Senate (text)

  Placed on Calendar Senate · EN · 20 January 2010

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• Placed on Calendar Senate (PDF)

  Placed on Calendar Senate · EN · 20 January 2010

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• Received in Senate (text)

  Received in Senate · EN · 24 December 2009

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• Received in Senate (PDF)

  Received in Senate · EN · 24 December 2009

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• Engrossed in House (text)

  Engrossed in House · EN · 3 December 2009

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• Engrossed in House (PDF)

  Engrossed in House · EN · 3 December 2009

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• Passed House amended

  summary · EN · 3 December 2009

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• Introduced in House (text)

  Introduced in House · EN · 19 November 2009

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• Introduced in House (PDF)

  Introduced in House · EN · 19 November 2009

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• Introduced in House

  summary · EN · 19 November 2009

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