A bill to amend the Internal Revenue Code of 1986 to provide estate tax relief and reform, and for other purposes.
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.
Referred to the House Committee on Ways and Means.
Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 496.
Motion 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.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S6806-6807)
Read twice and referred to the Committee on Finance.
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