To amend the Internal Revenue Code of 1986 to restore the estate tax and repeal the carryover basis rule, to increase the estate and gift tax unified credit to an exclusion equivalent of $5,000,000, and to reduce the rate of the estate and gifts taxes to the generally applicable capital gains income tax rate.

Summary

Repeals provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 which eliminated the estate and generation skipping transfer tax and carryover basis rules for estates. Reduces the estate tax rate to the lower of 15% or the capital gains income tax rate generally applicable to individual taxpayers. Reduces the gift tax rate to 15%. Establishes a single estate and gift tax unified credit amount of $5 million.

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

Timeline

1. 18 May 2006

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 18 May 2006

   Introduced

   Introduced in House

   Source: IntroReferral

3. 18 May 2006

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 18 May 2006 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 18 May 2006

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 18 May 2006

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 18 May 2006

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Peterson, Collin C. [D-MN-7] · D · Sponsor
• Rep. Latham, Tom [R-IA-3] · R · Sponsor
• Rep. Marshall, Jim [D-GA-8] · D · Sponsor
• · hswm00 · Standing

Related records

• related to ← Permanent Estate Tax Relief Act of 2006
• related to ← Estate Tax and Extension of Tax Relief Act of 2006
• related to ← Estate Tax Relief and Reform Act of 2006