[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1986 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 1986

To amend the Internal Revenue Code of 1986 and the Economic Growth and 
   Tax Relief Reconciliation Act of 2001 to restore the estate tax, 
 increase the estate tax unified credit to an exclusion equivalent of 
 $4,000,000, reduce the maximum estate tax rate to 40 percent, and for 
                            other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 21, 2009

 Mr. Childers introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 and the Economic Growth and 
   Tax Relief Reconciliation Act of 2001 to restore the estate tax, 
 increase the estate tax unified credit to an exclusion equivalent of 
 $4,000,000, reduce the maximum estate tax rate to 40 percent, and for 
                            other purposes.

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

SECTION 1. RESTORATION AND MODIFICATION OF ESTATE TAX.

    (a) Restoration of Estate Tax; Repeal of Carryover Basis.--
            (1) In general.--The following provisions of the Economic 
        Growth and Tax Relief Reconciliation Act of 2001, and the 
        amendments made by such provisions, are hereby repealed:
                    (A) Subtitles A and E of title V.
                    (B) Subsections (d) and (e) of section 511.
                    (C) Paragraph (2) of section 521(b).
        The Internal Revenue Code of 1986 shall be applied and 
        administered as if the provisions and amendments described in 
        the preceding sentence had never been enacted.
            (2) Sunset not to apply.--
                    (A) Subsection (a) of section 901 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) Subsection (b) of such section 901 is amended 
                by striking ``, estates, gifts, and transfers''.
    (b) Increase in Unified Credit Against the Estate Tax.--Subsection 
(c) of section 2010 of the Internal Revenue Code of 1986 is amended by 
striking all that follows ``the applicable exclusion amount'' and 
inserting ``. For purposes of the preceding sentence, the applicable 
exclusion amount is $4,000,000.''.
    (c) Decrease in Maximum Rate of Tax.--
            (1) In general.--The table contained in section 2001(c)(1) 
        of such Code is amended by striking the last 5 rows and 
        inserting the following:


 
 
----------------------------------------------------------------------------------------------------------------
``Over $1,000,000............................  $345,800, plus 40 percent of the excess of such amount over
                                                $1,000,000.''.
----------------------------------------------------------------------------------------------------------------

            (2) Conforming amendments.--Subsection (c) of section 2001 
        of such Code is amended--
                    (A) by striking paragraph (2), and
                    (B) by striking all that precedes the table 
                contained therein and inserting the following:
    ``(c) Rate Schedule.--The tentative tax shall be determined in 
accordance with the following table:''.
    (d) Effective Date.--The amendments made by this section shall 
apply to estates of decedents dying, and gifts made, after December 31, 
2009.
                                 <all>