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H.R. 5421 — 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. | PoliFocus

H.R. 5421109th Congress

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.

Subjects

Taxation

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.

Full Text

Related Legislation

H.R. 5638Permanent Estate Tax Relief Act of 2006
2006-06-26Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 496.
Related
H.R. 5970Minimum Wage bill
2006-08-03Motion by Senator Frist to reconsider the vote by which the motion to invoke cloture on the motion to proceed to H.R. 5970 was not agreed to (Roll Call No. 229) entered in Senate.
Related
S. 3626Estate Tax Relief and Reform Act of 2006
2006-06-29Read twice and referred to the Committee on Finance.
Related

Legislative Actions

2006-05-18
Introduced in House
2006-05-18
Introduced in House
2006-05-18
Referred to the House Committee on Ways and Means.

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