[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4512 Introduced in House (IH)]







106th CONGRESS
  2d Session
                                H. R. 4512

 To amend the Internal Revenue Code of 1986 to provide an extension of 
     time for payment of estate tax for estates with closely held 
                  businesses, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 22, 2000

Mr. Abercrombie (for himself and Mrs. McCarthy of New York) 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 provide an extension of 
     time for payment of estate tax for estates with closely held 
                  businesses, and for other purposes.

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

SECTION 1. INCREASE IN NUMBER OF ALLOWABLE PARTNERS AND SHAREHOLDERS IN 
              CLOSELY HELD BUSINESSES.

    Paragraphs (1)(B)(ii), (1)(C)(ii), and (9)(B)(iii)(I) of section 
6166(b) of such Code (relating to definitions and special rules) are 
each amended by striking ``15'' and inserting ``75''.

SEC. 2. EFFECTIVE DATE.

    The amendments made by this bill apply to estates of decedents 
dying after the date of enactment of this Act.
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