3.0.0 4242 2023-01-11T20:11:24Z 2023-01-11T20:11:24Z House H HR 2007-11-15 110 hswm00 Ways and Means Committee House Standing Referred to 2007-11-15T14:06:40Z 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 P000422 Rep. Pomeroy, Earl [D-ND-At Large] EARL POMEROY D ND N Taxation Congress Estate tax Finance and Financial Sector Gift tax Inheritance tax Sunset legislation Tax credits Tax rates Valuation Taxation 00 2007-11-15 Introduced in House 2008-01-04T12:40:29Z Certain and Immediate Estate Tax Relief Act of 2007 - Restores the tax on estates and generation-skipping transfers and the step-up in basis provisions for property acquired from a decedent, previously repealed by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). Declares that the sunset provision (general terminating date of December 10, 2010) of EGTRRA shall not apply to title V of such Act ( Estate, Gift, and Generation-Skipping Transfer Tax Provisions).

Amends the Internal Revenue Code to: (1) provide for an immediate increase to $3 million of the estate tax exclusion (eliminating the phase-in period) with a permanent exclusion of $3.5 million amount after 2009; (2) impose a maximum estate tax rate of 47 percent; (3) restore the phaseout of graduated estate tax rates and the unified credit against the estate tax; (4) set forth estate valuation rules for certain transfers of nonbusiness assets; and (5) limit estate tax discounts for certain individuals with minority interests in a business acquired from a decedent.

]]> Certain and Immediate Estate Tax Relief Act of 2007 Official Title as Introduced To amend the Internal Revenue Code of 1986 to retain the estate tax with an immediate increase in the exemption, to repeal the new carryover basis rules in order to prevent tax increases and the imposition of compliance burdens on many more estates than would benefit from repeal, and for other purposes. Introduced in House IH Display Title Certain and Immediate Estate Tax Relief Act of 2007 Short Titles as Introduced Certain and Immediate Estate Tax Relief Act of 2007 Introduced in House 2007-11-15T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr4242ih/xml/BILLS-110hr4242ih.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.