[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[S. 550 Introduced in Senate (IS)]







105th CONGRESS
  1st Session
                                 S. 550

  To amend the Internal Revenue Code of 1986 to increase the gift tax 
                         exclusion to $25,000.


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                   IN THE SENATE OF THE UNITED STATES

                             April 10, 1997

   Mr. Lugar 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 gift tax 
                         exclusion to $25,000.

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

SECTION 1. INCREASE IN GIFT TAX EXCLUSION.

    (a) In General.--Section 2503(b) of the Internal Revenue Code of 
1986 (relating to exclusions from gifts) is amended by striking 
``$10,000'' and inserting ``$25,000''.
    (b) Effective Date.--The amendment made by this section shall apply 
to gifts made after December 31, 1997.
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