109 HR 1560 IH: 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 establish a flat estate tax rate. U.S. House of Representatives 2005-04-12 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 109th CONGRESS 1st Session H. R. 1560 IN THE HOUSE OF REPRESENTATIVES April 12, 2005 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 establish a flat estate tax rate.

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

The tentative tax on the amount with respect to which the tentative tax is to be computed is 27.5 percent of such amount.. (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the Economic Growth and Tax Relief Reconciliation Act of 2001, and the amendments made by such provisions, are hereby repealed.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)Section 901 of the Economic Growth and Tax Relief Reconciliation Act of 2001 shall not apply to title V of such Act. (d)

Effective date

The amendments made by this section shall apply to estates of decedents dying, and gifts made, after December 31, 2005.