[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 348 Introduced in House (IH)]







105th CONGRESS
  1st Session
                                H. R. 348

  To amend the Internal Revenue Code of 1986 to increase the unified 
   credit against estate and gift taxes to an amount equivalent to a 
                         $1,000,000 exclusion.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 7, 1997

  Mr. Stump 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 
   credit against estate and gift taxes to an amount equivalent to a 
                         $1,000,000 exclusion.

    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 CREDIT.

    (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 ``$345,800''.
            (2) Paragraph (2) of section 2001(c) of such Code is 
        amended by striking ``$21,040,000'' and inserting ``the amount 
        at which the effective tax rate under this section is 55 
        percent''.
            (3) Subparagraph (A) of section 2102(c)(3) of such Code is 
        amended by striking ``$192,800'' and inserting ``$345,800''.
            (4) Paragraph (1) of section 6018(a) of such Code is 
        amended by striking ``$600,000'' and inserting ``$1,000,000''.
    (b) Unified Gift Tax Credit.--Paragraph (1) of section 2505(a) of 
such Code is amended by striking ``$192,800'' and inserting 
``$345,800''.
    (c) Effective Date.--The amendments made by this section shall 
apply to the estates of decedents dying, and gifts made, after December 
31, 1997.
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