3.0.0 5421 2023-01-13T04:48:27Z 2023-01-13T04:48:27Z House H HR 2006-05-18 109 hswm00 Ways and Means Committee House Standing Referred to 2006-05-18T14:00:21Z Permanent Estate Tax Relief Act of 2006 109 5638 HR 2006-06-26 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 496. Related bill CRS Estate Tax and Extension of Tax Relief Act of 2006 109 5970 HR 2006-08-03 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. Related bill CRS Estate Tax Relief and Reform Act of 2006 109 3626 S 2006-06-29 Read twice and referred to the Committee on Finance. Related bill CRS 2006-05-18 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2006-05-18 Introduced in House IntroReferral Intro-H 9 Library of Congress 2006-05-18 Introduced in House IntroReferral 1000 9 Library of Congress P000258 Rep. Peterson, Collin C. [D-MN-7] COLLIN PETERSON D MN C. 7 N L000111 Rep. Latham, Tom [R-IA-4] TOM LATHAM R IA 4 2006-05-18 True M001146 Rep. Marshall, Jim [D-GA-3] Jim Marshall D GA 3 2006-05-18 True Taxation Congress Estate tax Gift tax Sunset legislation Tax credits Tax rates Taxation 00 2006-05-18 Introduced in House 2006-06-14T19:53:02Z 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.

]]> 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. Display Title 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. Official Title as Introduced 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. Introduced in House IH Introduced in House 2006-05-18T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109hr5421ih/xml/BILLS-109hr5421ih.xml 2006-05-18 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.