[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 85 Introduced in Senate (IS)]







107th CONGRESS
  1st Session
                                 S. 85 

  To amend the Internal Revenue Code of 1986 to increase the gift tax 
                         exclusion to $25,000.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            January 22, 2001

   Mr. Lugar 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 gift tax 
                         exclusion to $25,000.

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

SECTION 1. INCREASE IN GIFT TAX EXCLUSION.

    (a) In General.--Section 2503(b) of the Internal Revenue Code of 
1986 (relating to exclusions from gifts) is amended--
            (1) by striking ``$10,000'' each place it appears and 
        inserting ``$25,000'',
            (2) by striking ``1998'' in paragraph (2) and inserting 
        ``2002'', and
            (3) by striking ``1997'' in paragraph (2)(B) and inserting 
        ``2001''.
    (b) Effective Date.--The amendments made by this section shall 
apply to gifts made after December 31, 2001.
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