[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3127 Introduced in House (IH)]







106th CONGRESS
  1st Session
                                H. R. 3127

      To amend the Internal Revenue Code of 1986 to eliminate the 
complexities of the estate tax deduction for family-owned business and 
farm interests by increasing the unified estate and gift tax credit to 
                     $3,000,000 for all taxpayers.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 21, 1999

  Mr. Moore 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 eliminate the 
complexities of the estate tax deduction for family-owned business and 
farm interests by increasing the unified estate and gift tax credit to 
                     $3,000,000 for all taxpayers.

    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 ``Estate Tax Reduction and 
Simplification Act of 1999''.

SEC. 2. ELIMINATION OF COMPLEXITIES OF ESTATE TAX DEDUCTION FOR FAMILY-
              OWNED BUSINESS AND FARM INTERESTS BY INCREASING UNIFIED 
              ESTATE AND GIFT TAX CREDIT.

    (a) In General.--The table in section 2010(c) of the Internal 
Revenue Code (relating to applicable credit amount) is amended--
            (1) by striking ``2000 and 2001'' and inserting ``2000 or 
        thereafter'',
            (2) by striking ``$675,000'' and inserting ``$3,000,000'', 
        and
            (3) by striking all matter beginning with the item relating 
        to 2002 and 2003 through the end of the table.
    (b) Conforming Amendments.--
            (1) Section 2057 of the Internal Revenue Code of 1986 
        (relating to family-owned business interests) is hereby 
        repealed.
            (2) Section 2032(c)(1) of such Code is amended by inserting 
        ``as in effect on the day before the date of the enactment of 
        the Estate Tax Reduction and Simplification Act of 1999'' after 
        ``2057(e)(3)''.
    (c) Effective Date.--The amendments made by this section shall 
apply to the estates of decedents dying, and gifts made, after December 
31, 1999.
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