[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. 531 Introduced in Senate (IS)]

103d CONGRESS
  1st Session
                                 S. 531

 To amend the Internal Revenue Code of 1986 to increase the estate and 
            gift tax exemption from $600,000 to $1,000,000.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                March 9 (legislative day, March 3), 1993

Mr. Durenberger introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to increase the estate and 
            gift tax exemption from $600,000 to $1,000,000.

    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.--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 ``$345,800''.
    (b) Gift Tax.--Paragraph (1) of section 2505(a) of the Internal 
Revenue Code of 1986 (relating to unified credit against gift tax) is 
amended by striking ``$192,800'' and inserting ``$345,800''.
    (c) Persons Required To File Estate Tax Returns.--Paragraph (1) of 
section 6018(a) of the Internal Revenue Code of 1986 (relating to 
estate tax returns) is amended by striking ``$600,000'' and inserting 
``$1,000,000''.
    (d) Effective Date.--The amendments made by this section shall 
apply to the estates of decedents dying, and gifts made, after the date 
of the enactment of this Act.

                                 <all>