A bill to amend the Internal Revenue Code of 1954 to adjust the unified credit against estate and gift taxes to take into account the rate of inflation.
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.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line