[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3227 Introduced in House (IH)]







105th CONGRESS
  2d Session
                                H. R. 3227

To amend the Internal Revenue Code of 1986 to adjust for inflation the 
 amount of family-owned businesses excluded from the gross estate of a 
                               decedent.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 12, 1998

   Ms. Hooley of Oregon (for herself and Mr. Cooksey) 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 adjust for inflation the 
 amount of family-owned businesses excluded from the gross estate of a 
                               decedent.

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

SECTION 1. ADJUSTMENT FOR INFLATION OF AMOUNT OF FAMILY-OWNED BUSINESS 
              EXCLUDED FROM GROSS ESTATE.

    (a) In General.--Section 2033A of the Internal Revenue Code of 1986 
is amended by adding at the end the following new subsection:
    ``(j) Inflation Adjustment.--In the case of estates of decedents 
dying in a calendar year after 1998, the $1,300,000 contained in 
subsection (a)(2) shall be increased by an amount equal to--
            ``(1) $1,300,000, multiplied by
            ``(2) the cost-of-living adjustment determined under 
        section 1(f)(3) for such calendar year by substituting 
        `calendar year 1997' for `calendar year 1992' in subparagraph 
        (B) thereof.
If any amount as adjusted under the preceding sentence is not a 
multiple of $10,000, such amount shall be rounded to the next lowest 
multiple of $10,000.''
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to estates of decedents dying after December 31, 1998.
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