[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 683 Introduced in House (IH)]







105th CONGRESS
  1st Session
                                H. R. 683

  To amend the Internal Revenue Code of 1986 to increase the unified 
  estate and gift tax credit to an amount equivalent to a $1,200,000 
                               exemption.


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                    IN THE HOUSE OF REPRESENTATIVES

                           February 11, 1997

 Mr. Livingston (for himself, Mr. Baker, Mrs. Chenoweth, Mr. Cooksey, 
 Mr. English of Pennsylvania, Mr. Forbes, Mr. Frost, Ms. Granger, Mr. 
  Hayworth, Mr. Holden, Mrs. Kelly, Mr. Knollenberg, Mr. Latham, Mr. 
   Lewis of California, Mr. McHugh, Mr. McIntosh, Ms. Molinari, Mrs. 
Myrick, Mr. Ney, Mr. Nethercutt, Mr. Norwood, Mr. Packard, Mr. Parker, 
Mr. Petri, Mr. Radanovich, Mr. Rohrabacher, Mr. Shadegg, Mr. Skeen, Mr. 
  Snowbarger, and Mr. Walsh) 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 credit to an amount equivalent to a $1,200,000 
                               exemption.

    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) General Rule.--Sections 2010(a), 2102(c)(3)(A), and 2505(a)(1) 
of the Internal Revenue Code of 1986 are each amended by striking 
``$192,800'' and inserting ``$427,800''.
    (b) Filing Requirement.--Paragraph (1) of section 6018(a) of such 
Code is amended by striking ``$600,000'' and inserting ``$1,200,000''.
    (c) Technical Amendment.--Paragraph (2) of section 2001(c) of such 
Code is amended by striking ``$21,040,000'' and inserting ``the amount 
at which the average tax rate under this section is 55 percent''.
    (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.
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