A bill to amend the Internal Revenue Code of 1954 to increase the exemption for purposes of the Federal estate tax, to increase the State tax marital deduction, and to provide an alternate method of valuing certain real property for estate tax purposes.

Summary

Increases the estate tax exemption under the Internal Revenue Code from $60,000 to $200,000 of the value of the gross estate. Increases the limitation on the aggregate marital deduction to 50 percent of the adjusted gross value of the estate, plus $100,000. Allows an executor to value farmland, woodland, and scenic open land at its current use value rather than at its fair market value.

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

Timeline

1. 27 January 1976

   Introduced

   Referred to Senate Committee on Finance.

   Source: IntroReferral

2. 27 January 1976

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 27 January 1976

  Open at official source

Sponsors

• Sen. McGovern, George [D-SD] · D · Sponsor
• Sen. Hart, Philip A. [D-MI] · D · Cosponsor
• Sen. Abourezk, James [D-SD] · D · Cosponsor
• Sen. Leahy, Patrick J. [D-VT] · D · Cosponsor
• Sen. Moss, Frank E. [D-UT] · D · Cosponsor
• Sen. Stafford, Robert T. [R-VT] · R · Cosponsor
• Sen. McGee, Gale W. [D-WY] · D · Cosponsor
• Sen. Tunney, John V. [D-CA] · D · Cosponsor
• Sen. Montoya, Joseph M. [D-NM] · D · Cosponsor
• · ssfi00 · Standing

Related records

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