[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1278 Introduced in House (IH)]







106th CONGRESS
  1st Session
                                H. R. 1278

To amend the Internal Revenue Code of 1986 to repeal the limitation on 
     the estate tax deduction for family-owned business interests.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 24, 1999

   Mr. Smith of Washington 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 repeal the limitation on 
     the estate tax deduction for family-owned business interests.

    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 ``Family-Owned Business Survival Act 
of 1999''.

SEC. 2. REPEAL OF LIMITATION ON ESTATE TAX DEDUCTION FOR FAMILY-OWNED 
              BUSINESS INTERESTS.

    (a) In General.--Subsection (a) of section 2057 of the Internal 
Revenue Code of 1986 (relating to family-owned business interests) is 
amended to read as follows:
    ``(a) Allowance of Deduction.--For purposes of the tax imposed by 
section 2001, in the case of an estate of a decedent to which this 
section applies, the value of the taxable estate shall be determined by 
deducting from the value of the gross estate the adjusted value of the 
qualified family-owned business interests of the decedent which are 
described in subsection (b)(2).''
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to estates of decedents dying after the date of the enactment of 
this Act.
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