Estate Tax Relief and Reform Act of 2006

Summary

Estate Tax Relief and Reform Act of 2006 - Amends the Internal Revenue Code to: (1) increase the estate tax exclusion to $5 million in 2010; (2) adjust such exclusion amount for inflation; (3) impose a flat 35% estate tax rate; (4) increase to $5 million the reduction in fair market value for certain inherited farm and business property; and (5) increase to $2.5 million the maximum estate tax deduction for family-owned business interests and make such deduction permanent. Provides that the general termination date of the Economic Growth and Tax Relief Reconciliation Act of 2001 (i.e., December 31, 2010) shall not apply to its estate, gift, and generation-skipping transfer tax provisions that are not amended by this Act.

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Timeline

1. 29 June 2006

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 29 June 2006

   Introduced

   Sponsor introductory remarks on measure. (CR S6806-6807)

   Source: IntroReferral

3. 29 June 2006

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 29 June 2006 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 29 June 2006

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 29 June 2006

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 29 June 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

• Sen. Landrieu, Mary L. [D-LA] · D · Sponsor
• · ssfi00 · Standing

Related records

• related to → 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.
• related to → Permanent Estate Tax Relief Act of 2006
• related to → Estate Tax and Extension of Tax Relief Act of 2006