Family Estate Tax Relief Act of 1997

Summary

Family Estate Tax Relief Act of 1997 - Amends the Internal Revenue Code to provide for an annual incremental increase, from the current $192,800 credit to a credit of $1 million by the year 2004, in the credit against the estate transfer tax. Excludes from the value of the gross estate, in specified circumstances, the lesser of: (1) the adjusted value of the qualified family-owned business interests of the decedent otherwise includible in the estate; or (2) $1 million, reduced by the amount of an exclusion allowed with respect to the estate of a previously deceased spouse of the decendent. Increases the portion of the estate tax subject to the four-percent interest rate applicable to an extended estate tax payment time where the estate consists largely of a closely held business.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 6 February 1997

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 6 February 1997

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• Introduced in Senate

  summary · EN · 6 February 1997

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