[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[S. 3111 Introduced in Senate (IS)]







106th CONGRESS
  2d Session
                                S. 3111

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


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

           September 27 (legislative day, September 22), 2000

 Mr. Inouye (for himself and Mr. Akaka) 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 provide an extension of 
 time for the payment of estate tax to more estates with closely held 
                              businesses.

    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.

    (a) In General.--Paragraphs (1)(B)(ii), (1)(C)(ii), and 
(9)(B)(iii)(I) of section 6166(b) of the Internal Revenue Code of 1986 
(relating to definitions and special rules) are each amended by 
striking ``15'' and inserting ``75''.
    (b) 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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