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 2008.

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

Timeline

1. 14 November 2007

   Introduced

   Introduced in House

   Source: IntroReferral

2. 14 November 2007

   Introduced

   Introduced in House

   Source: IntroReferral

3. 14 November 2007

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 14 November 2007 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 14 November 2007

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 14 November 2007

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 14 November 2007

  Open at official source

Sponsors

• Rep. Moore, Dennis [D-KS-3] · D · Sponsor
• Diana DeGette · D · Cosponsor
• Rep. Baird, Brian [D-WA-3] · D · Cosponsor
• Sen. Donnelly, Joe [D-IN] · D · Cosponsor
• · hswm00 · Standing

Related records

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