[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 682 Introduced in House (IH)]







106th CONGRESS
  1st Session
                                H. R. 682

To amend the Internal Revenue Code of 1986 to accelerate the phasein of 
        the $1,000,000 exclusion from the estate and gift taxes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 10, 1999

 Mr. McInnis (for himself, Mr. Watkins, Mr. Packard, and Mr. Ehrlich) 
 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 accelerate the phasein of 
        the $1,000,000 exclusion from the estate and gift taxes.

    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 ``Death Tax Relief Now Act''.

SEC. 2. $1,000,000 EXEMPTION FROM ESTATE AND GIFT TAXES.

    (a) In General.--Subsection (c) of section 2010 of the Internal 
Revenue Code of 1986 (relating to applicable credit amount) is amended 
to read as follows:
    ``(c) Applicable Credit Amount.--
            ``(1) In general.--For purposes of this section, the 
        applicable credit amount is $345,800.
            ``(2) Applicable exclusion amount.--For purposes of the 
        provisions of this title which refer to this subsection, the 
        applicable exclusion amount is $1,000,000.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to estates of decedents dying, and gifts made, after December 31, 1999.
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