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.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 18 May 2006

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• Introduced in House (PDF)

  Introduced in House · EN · 18 May 2006

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• Introduced in House

  summary · EN · 18 May 2006

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