Certain and Immediate Estate Tax Relief Act of 2007

Summary

Certain and Immediate Estate Tax Relief Act of 2007 - Restores the tax on estates and generation-skipping transfers and the step-up in basis provisions for property acquired from a decedent, previously repealed by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). 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: (1) provide for an immediate increase to $3 million of the estate tax exclusion (eliminating the phase-in period) with a permanent exclusion of $3.5 million amount after 2009; (2) impose a maximum estate tax rate of 47 percent; (3) restore the phaseout of graduated estate tax rates and the unified credit against the estate tax; (4) set forth estate valuation rules for certain transfers of nonbusiness assets; and (5) limit estate tax discounts for certain individuals with minority interests in a business acquired from a decedent.

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Timeline

1. 15 November 2007

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 15 November 2007

   Introduced

   Introduced in House

   Source: IntroReferral

3. 15 November 2007

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

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Versions

• Introduced in House · 15 November 2007 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 15 November 2007

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 15 November 2007

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 15 November 2007

  Open at official source

Sponsors

• Rep. Pomeroy, Earl [D-ND-At Large] · D · Sponsor
• · hswm00 · Standing

Related records

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