[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 927 Introduced in House (IH)]







106th CONGRESS
  1st Session
                                H. R. 927

   To amend the Internal Revenue Code of 1986 to increase the annual 
                exclusion from the gift tax to $20,000.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 2, 1999

  Mr. McInnis (for himself, Mr. Houghton, Ms. Dunn, Mr. English, Mr. 
Hayworth, Mr. Lewis of Kentucky, Mr. Watkins, Mr. Foley, Mr. Tancredo, 
and Mr. Shows) 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 annual 
                exclusion from the gift tax to $20,000.

    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 ``Family Savings Rescue Act of 1999''.

SEC. 2. ANNUAL GIFT TAX EXCLUSION INCREASED TO $20,000.

    (a) In General.--Subsection (b) of section 2503 of the Internal 
Revenue Code of 1986 (relating to exclusions from gifts) is amended by 
striking ``$10,000'' each place it appears and inserting ``$20,000''.
    (b) Conforming Amendment.--Paragraph (2) of section 2503(b) of such 
Code is amended--
            (1) by striking ``after 1998'' and inserting ``after 
        2000'', and
            (2) by striking ``calendar year 1997'' and inserting 
        ``calendar year 1999''.
    (c) Effective Date.--The amendments made by this section shall 
apply to transfers made after December 31, 1999.
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