[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2058 Introduced in House (IH)]







106th CONGRESS
  1st Session
                                H. R. 2058

  To amend the Internal Revenue Code of 1986 to allow a deduction for 
  estate tax purposes equal to the value of the decedent's individual 
 retirement plans, section 401(k) plans, and certain other retirement 
                                 plans.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              June 8, 1999

 Mr. Isakson 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 allow a deduction for 
  estate tax purposes equal to the value of the decedent's individual 
 retirement plans, section 401(k) plans, and certain other retirement 
                                 plans.

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

SECTION 1. DEDUCTION FROM GROSS ESTATE FOR INDIVIDUAL RETIREMENT PLANS, 
              SECTION 401(K) PLANS, AND CERTAIN OTHER PLANS.

    (a) In General.--Subchapter A of chapter 11 of the Internal Revenue 
Code of 1986 (relating to estate tax) is amended by adding at the end 
the following new section:

``SEC. 2058. CERTAIN RETIREMENT PLANS.

    ``For purposes of the tax imposed by section 2001, the value of the 
taxable estate shall be determined by deducting from the value of the 
gross estate the portion of the value of the gross estate which is 
attributable to--
            ``(1) any individual retirement plan, or
            ``(2) amounts attributable to employer contributions made 
        pursuant to elective deferrals described in subparagraph (A) or 
        (C) of section 402(g)(3) or section 501(c)(18)(D)(iii).''.
    (b) Clerical Amendment.--The table of sections for such subchapter 
A is amended by adding at the end the following new item:

                              ``Sec. 2058. Certain retirement plans.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to estates of decedents dying after December 31, 1999.
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