[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[S. 1342 Introduced in Senate (IS)]







106th CONGRESS
  1st Session
                                S. 1342

 To repeal the Federal estate and gift taxes and the tax on generation-
                          skipping transfers.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              July 1, 1999

  Mr. Allard introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To repeal the Federal estate and gift taxes and the tax on generation-
                          skipping transfers.

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

SECTION 1. REPEAL OF FEDERAL TRANSFER TAXES.

    (a) In General.--Subtitle B of the Internal Revenue Code of 1986 is 
repealed.
    (b) Effective Date.--The repeal made by subsection (a) shall apply 
to the estates of decedents dying, and gifts and generation-skipping 
transfers made, after the date of enactment of this Act.
    (c) Technical and Conforming Changes.--The Secretary of the 
Treasury or the Secretary's delegate shall, as soon as practicable but 
in any event not later than 90 days after the date of enactment of this 
Act, submit to the Committee on Ways and Means of the House of 
Representatives and the Committee on Finance of the Senate a draft of 
any technical and conforming changes in the Internal Revenue Code of 
1986 which are necessary to reflect throughout such Code the changes in 
the substantive provisions of law made by this Act.
                                 <all>