[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1475 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 1475

  To amend the Internal Revenue Code of 1986 to increase the unified 
                      estate and gift tax credits.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 24, 1993

Mr. Sundquist introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to increase the unified 
                      estate and gift tax credits.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. INCREASE IN UNIFIED ESTATE AND GIFT TAX CREDITS.

    (a) Estate Tax Credit.--
            (1) Subsection (a) of section 2010 of the Internal Revenue 
        Code of 1986 (relating to unified credit against estate tax) is 
        amended by striking ``$192,800'' and inserting ``the applicable 
        credit amount''.
            (2) Section 2010 of such Code is amended by redesignating 
        subsection (c) as subsection (d) and by inserting after 
        subsection (b) the following new subsection:
    ``(c) Applicable Credit Amount.--For purposes of this section--
            ``(1) In general.--The applicable credit amount is the 
        amount of the tentative tax which would be determined under the 
        rate schedule set forth in section 2001(c) if the amount with 
        respect to which such tentative tax is to be computed were 
        $850,000.
            ``(2) Cost-of-living adjustments.--In the case of any 
        decedent dying in a calendar year after 1994, the $850,000 
        amount set forth in paragraph (1) shall be increased by an 
        amount equal to--
                    ``(A) $850,000, multiplied by
                    ``(B) the cost-of-living adjustment determined 
                under section 1(f)(3) for such calendar year by 
                substituting `calendar year 1994' for `calendar year 
                1989' in subparagraph (B) thereof.
        Any increase determined under the preceding sentence shall be 
        rounded to the nearest multiple of $1,000.''
            (3) Paragraph (1) of section 6018(a) of such Code is 
        amended by striking ``$600,000'' and inserting ``$850,000 
        (adjusted as provided in section 2010(c)(2)''.
    (b) Unified Gift Tax Credit.--Paragraph (1) of section 2505(a) of 
such Code is amended by striking ``$192,800'' and inserting ``the 
applicable credit amount in effect under section 2010(c) for such 
calendar year''.
    (c) Effective Date.--The amendments made by this section shall 
apply to the estates of decedents dying, and gifts made, after December 
31, 1993.

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