[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3945 Introduced in House (IH)]







105th CONGRESS
  2d Session
                                H. R. 3945

  To amend the Internal Revenue Code of 1986 to provide an inflation 
  adjustment of the unified credit against the estate and gift taxes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 22, 1998

 Mr. Herger (for himself, Mr. McCrery, Ms. Dunn, Mr. Christensen, Mr. 
    Sam Johnson of Texas, Mr. Hulshof, Mrs. Myrick, Mr. Bartlett of 
 Maryland, Mr. Lewis of Kentucky, Mr. Whitfield, Mr. Barr of Georgia, 
Mr. Dickey, Mr. McIntosh, Mr. Doolittle, Mr. Hostettler, Mr. Jones, Mr. 
 Weldon of Florida, Mr. Pitts, Mr. Sununu, Mr. Campbell, Mrs. Roukema, 
 Mr. Gibbons, Mr. Hansen, Mr. Largent, and Mr. Salmon) 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 provide an inflation 
  adjustment of the unified credit against the estate and gift taxes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Death Tax Inflation Adjustment Act 
of 1998''.

SEC. 2. INFLATION ADJUSTMENT OF UNIFIED CREDIT AGAINST ESTATE AND GIFT 
              TAXES.

    (a) In General.--Section 2010 of the Internal Revenue Code of 1986 
(relating to unified credit against estate tax) is amended by 
redesignating subsection (d) as subsection (e) and by inserting after 
subsection (c) the following new subsection:
    ``(d) Cost-of-Living Adjustment.--In the case of any decedent 
dying, and gift made, in a calendar year after 2006, the $1,000,000 
amount set forth in subsection (c) shall be increased by an amount 
equal to--
            ``(1) $1,000,000, multiplied by
            ``(2) the cost-of-living adjustment determined under 
        section 1(f)(3) for such calendar year by substituting 
        `calendar year 2005' 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 nearest 
multiple of $10,000.''
    (b) Effective Date.--The amendment made by this section shall apply 
to the estates of decedents dying, and gifts made, after December 31, 
2006.
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