II 109th CONGRESS 1st Session S. 7 IN THE SENATE OF THE UNITED STATES January 24, 2005 Mr. Kyl (for himself, Mr. Frist, Mr. DeMint, and Mr. McConnell) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To increase American jobs and economic growth by making permanent the individual income tax rate reductions, the reduction in the capital gains and dividend tax rates, and the repeal of the estate, gift, and generation-skipping transfer taxes.

1.

Short title

This Act may be cited as the Jobs and Growth Tax Relief Act of 2005.

2.

Reductions in individual income tax rates made permanent

Section 901 of the Economic Growth and Tax Relief and Reconciliation Act of 2001 (relating to sunset provisions) shall not apply to title I of such Act (relating to individual income tax rate reductions).

3.

Reductions in individual capital gains and dividends tax rate made permanent

Section 303 of the Jobs and Growth Tax Relief Reconciliation Act of 2003 (relating to sunset of title) is repealed.

4.

Permanent repeal of estate taxes

Section 901 of the Economic Growth and Tax Relief Reconciliation Act of 2001 (relating to sunset provisions) shall not apply to title V of such Act (relating to estate, gift, and generation-skipping transfer tax provision), and such section 901 shall be applied without regard to subsection (a)(2) or any other reference to estates, gifts, or transfers.