[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4112 Introduced in House (IH)]







106th CONGRESS
  2d Session
                                H. R. 4112

  To amend the Internal Revenue Code of 1986 to increase the unified 
  credit against estate and gift taxes to an exclusion equivalent of 
 $10,000,000 and to provide for an inflation adjustment of such amount.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 29, 2000

  Mr. Ewing (for himself, Mr. Goodling, Mr. Weller, Mr. Boehner, Mr. 
  Barrett of Nebraska, Mr. Pombo, Mr. Smith of Michigan, Mr. Lucas of 
Oklahoma, Mr. Chambliss, Mr. LaHood, Mr. Moran of Kansas, Mr. Fletcher, 
   Mr. Hayes, Mr. Simpson, Mr. Peterson of Minnesota, Mr. Canady of 
Florida, Mr. Cooksey, Mr. Jenkins, Mr. Weldon of Florida, Mr. Manzullo, 
  Mr. Coburn, Mr. Hoekstra, Mr. Schaffer, Mr. Saxton, Mr. Thune, Mr. 
 Sessions, Mr. Skeen, Mr. Bilirakis, Mr. Walden of Oregon, Mr. Buyer, 
   Mr. Calvert, Mr. Lucas of Kentucky, Mr. Dreier, Mrs. Biggert, Mr. 
    English, Mr. Bereuter, Mr. Hutchinson, Mr. Tiahrt, Mr. Green of 
Wisconsin, Mr. Whitfield, and Mr. LaTourette) 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 increase the unified 
  credit against estate and gift taxes to an exclusion equivalent of 
 $10,000,000 and to provide for an inflation adjustment of such amount.

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

SECTION 1. UNIFIED CREDIT AGAINST ESTATE AND GIFT TAXES INCREASED TO 
              EXCLUSION EQUIVALENT OF $10,000,000.

    (a) In General.--Subsection (c) of section 2010 of the Internal 
Revenue Code of 1986 (relating to applicable credit amount) is amended 
by striking the table and inserting the following new table:

        ``In the case of estates of decedents
                                                         The applicable
          dying, and gifts made, during:
                                                   exclusion amount is:
                  2000...............................       $5,000,000 
                  2001...............................       $6,750,000 
                  2002...............................       $8,500,000 
                  2003 or thereafter.................    $10,000,000.''
    (b) Inflation Adjustment of Unified Credit.--Section 2010 of such 
Code is amended by redesignating subsection (d) as subsection (e) and 
by inserting after subsection (c) the following new subsection:
    ``(d) Inflation Adjustment.--In the case of any decedent dying, and 
gift made, in a calendar year after 2003, the $10,000,000 amount set 
forth in subsection (c) shall be increased by an amount equal to--
            ``(1) $10,000,000, multiplied by
            ``(2) the cost-of-living adjustment determined under 
        section 1(f)(3) for such calendar year by substituting 
        `calendar year 2002' for `calendar year 1992' in subparagraph 
        (B) thereof.
If any amount as adjusted under the preceding sentence is not a 
multiple of $10,000, such amount shall be rounded to the nearest 
multiple of $10,000.''.
    (c) Repeal of Smaller Separate Exclusion for Family-Owned Business 
Interests.--
            (1) In general.--Section 2057 of such Code is hereby 
        repealed.
            (2) Clerical amendment.--The table of sections for part IV 
        of subchapter A of chapter 11 of such Code is amended by 
        striking the item relating to section 2057.
    (d) Effective Date.--The amendments made by this section shall 
apply to estates of decedents dying, and gifts made, after December 31, 
2000.
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