3.0.0 4235 2023-01-11T20:11:26Z 2023-01-11T20:11:26Z House H HR 2007-11-15 110 hswm00 Ways and Means Committee House Standing Referred to 2007-11-15T14:00:30Z 2007-11-15 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2007-11-15 Introduced in House IntroReferral Intro-H 9 Library of Congress 2007-11-15 Introduced in House IntroReferral 1000 9 Library of Congress L000480 Rep. Lowey, Nita M. [D-NY-18] NITA LOWEY D NY M. 18 N Taxation Economics and Public Finance Estate tax Indexing (Economic policy) Inheritance tax Tax credits Tax rates Valuation Taxation 00 2007-11-15 Introduced in House 2008-01-04T12:38:59Z Estate Tax Reduction Act of 2007 - Repeals provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 that eliminate the estate and generation-skipping transfer taxes and the basis rules for property acquired from a decedent after December 31, 2009 (thus restoring such taxes and rules).

Amends the Internal Revenue Code to: (1) reduce to 39.2% the maximum estate tax rate; (2) increase to $3 million the unified credit against the estate tax; and (3) provide for an inflation adjustment to the increased credit amount after 2007.

]]> Estate Tax Reduction Act of 2007 Official Title as Introduced To amend the Internal Revenue Code of 1986 to restore the estate tax, to repeal the carryover basis rule, to reduce estate tax rates by 20 percent, to increase the unified credit against estate and gift taxes to the equivalent of a $3,000,000 exclusion and to provide an inflation adjustment of such amount, and for other purposes. Introduced in House IH Display Title Estate Tax Reduction Act of 2007 Short Titles as Introduced Estate Tax Reduction Act of 2007 Introduced in House 2007-11-15T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr4235ih/xml/BILLS-110hr4235ih.xml 2007-11-15 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.