[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3074 Introduced in House (IH)]







106th CONGRESS
  1st Session
                                H. R. 3074

To repeal the Federal estate and gift taxes and the alternative minimum 
                  tax on individuals and corporations.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 14, 1999

   Mr. Cook introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To repeal the Federal estate and gift taxes and the alternative minimum 
                  tax on individuals and corporations.

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

SECTION 1. REPEAL OF ESTATE AND GIFT TAXES.

    (a) In General.--Subtitle B (relating to estate, gift, and 
generation-skipping taxes) of the Internal Revenue Code of 1986 is 
hereby repealed.
    (b) Effective Date.--The repeal made by subsection (a) shall apply 
to estates of decedents dying, gifts made, and generation-skipping 
transfers made after December 31, 2004.

SEC. 2. REPEAL OF ALTERNATIVE MINIMUM TAX.

    (a) In General.--Subsection (a) of section 55 is amended by adding 
at the end the following new flush sentence:
``For purposes of this title, the tentative minimum tax for any taxable 
year beginning after December 31, 2004, shall be zero.''
    (b) Reduction of Tax Prior to Repeal.--Section 55 of such Code is 
amended by adding at the end the following new subsection:
    ``(f) Phaseout of Tax.--
            ``(1) In general.--The tax imposed by this section for any 
        taxable year beginning after December 31, 1999, and before 
        January 1, 2005, shall be the applicable percentage of the tax 
        which would be imposed but for this subsection.
            ``(2) Applicable percentage.--For purposes of paragraph 
        (1), the applicable percentage shall be determined in 
        accordance with the following table:

        ``For taxable years beginning
                                                         The applicable
          in calendar year--
                                                        percentage is--
            2000...........................................      80    
            2001...........................................      70    
            2002...........................................      60    
            2003 or 2004...................................  50.''.    
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 1999.
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