[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 759 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 759

  To amend the Internal Revenue Code of 1986 to increase the unified 
            credit to an exclusion equivalent of $5,000,000.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 27, 2001

 Mrs. Mink of Hawaii 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 unified 
            credit to an exclusion equivalent of $5,000,000.

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

SECTION 1. UNIFIED CREDIT INCREASED TO EQUIVALENT OF $5,000,000 
              EXCLUSION.

    (a) In General.--Subsection (c) of section 2010 of the Internal 
Revenue Code of 1986 (relating to applicable credit amount) is amended 
by striking all that follows ``were the applicable exclusion amount'' 
and inserting ``. For purposes of the preceding sentence, the 
applicable exclusion amount is $5,000,000.''
    (b) Repeal of Smaller Benefit for Family-Owned Business 
Interests.--
            (1) Section 2057 of such Code is hereby repealed.
            (2) Paragraph (10) of section 2031(c) of such Code is 
        amended by inserting ``(as in effect on the day before the date 
        of the enactment of this parenthetical)'' before the period.
            (3) The table of sections for part IV of subchapter A of 
        chapter 11 of such Code is amended by striking the item 
        relating to section 2057.
    (c) Effective Date.--The amendments made by this section shall 
apply to estates of decedents dying, and gifts made, after the date of 
the enactment of this Act.
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