Family Enterprise Protection Act of 1981 - Amends the Internal Revenue Code to increase the unified credit against the estate and gift tax from $47,000 to $155,800. Provides for a phase-in amount of such credit in 1981 of $121,800.
Increases from $175,000 to $500,000 the minimum gross estate for which the filing of a tax return is required.
Increases the amount of the annual gift tax exclusion from $3,000 to $10,000.
Introduced in Senate
Read second time and referred to Senate Committee on Finance.
Committee on Finance requested executive comment from OMB; Treasury Department.
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