[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[S. 1413 Introduced in Senate (IS)]







106th CONGRESS
  1st Session
                                S. 1413

 To amend the Internal Revenue Code of 1986 to increase the deduction 
        from the estate tax for family-owned business interests.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 22, 1999

Mr. Durbin (for himself and Mr. Dorgan) introduced the following bill; 
     which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to increase the deduction 
        from the estate tax for family-owned business interests.

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

SECTION 1. INCREASE IN ESTATE TAX DEDUCTION FOR FAMILY-OWNED BUSINESS 
              INTEREST.

    (a) In General.--Section 2057(a)(2) of the Internal Revenue Code of 
1986 (relating to maximum deduction) is amended by striking 
``$675,000'' and inserting ``$1,975,000''.
    (b) Conforming Amendments.--Section 2057(a)(3)(B) of the Internal 
Revenue Code of 1986 (relating to coordination with unified credit) is 
amended by striking ``$675,000'' each place it appears in the text and 
heading and inserting ``$1,975,000''.
    (c) Effective Date.--The amendments made by this section shall 
apply to estates of decedents dying after the date of the enactment of 
this Act.
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