[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2477 Introduced in House (IH)]







108th CONGRESS
  1st Session
                                H. R. 2477

 To amend the Internal Revenue Code of 1986 to increase the exclusion 
  equivalent of the unified credit allowed against the estate tax to 
         $7,500,000 and to modify the estate tax rate schedule.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 16, 2003

   Mr. Ford 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 exclusion 
  equivalent of the unified credit allowed against the estate tax to 
         $7,500,000 and to modify the estate tax rate schedule.

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

SECTION 1. INCREASE IN EXCLUSION EQUIVALENT OF UNIFIED CREDIT TO 
              $7,500,000.

    (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 ``the applicable exclusion amount'' and 
inserting ``. For purposes of the preceding sentence, the applicable 
exclusion amount is $7,500,000.''.
    (b) Modification of Estate Tax Rate Schedule.--Subsection (c) of 
section 2001 of such Code (relating to rate schedule) is amended to 
read as follows:
    ``(c) Rate Schedule.--

``If the amount with respect
                                                                       
  to which the tentative
                                                                       
  tax to be computed is:
                                                  The tentative tax is:

        Not over $50,000,000
                                             25 percent of such amount 

        $50,000,000 or over
                                             $12,500,000, plus 30 per- 
          
                                                 cent of the excess of 
          
                                                      such amount over 
          
                                                        $50,000,000.''.
    (c) Repeal of Certain Estate and Gift Tax Provisions Made by 
EGTRRA.--
            (1) Subtitles A and E of title V, and subsections (d), (e), 
        and (f)(3) of section 511, of the Economic Growth and Tax 
        Relief Reconciliation Act of 2001, and the amendments made by 
        such provisions, are hereby repealed. The Internal Revenue Code 
        of 1986 shall be applied and administered as if such 
        provisions, and amendments, had never been enacted.
            (2)(A) Section 901(a) of the Economic Growth and Tax Relief 
        Reconciliation Act of 2001 is amended by striking ``this Act'' 
        and all that follows and inserting ``this Act (other than title 
        V) shall not apply to taxable, plan, or limitation years 
        beginning after December 31, 2010.''.
            (B) Section 901(b) of such Act is amended by striking ``, 
        estates, gifts, and transfers''.
    (d) Effective Date.--The amendments made by this section shall 
apply to estates of decedents dying, and gifts made, after December 31, 
2003.
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