[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4154 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 4154

To amend the Internal Revenue Code of 1986 to repeal the new carryover 
  basis rules in order to prevent tax increases and the imposition of 
compliance burdens on many more estates than would benefit from repeal, 
  to retain the estate tax with a $3,500,000 exemption, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           November 19, 2009

 Mr. Pomeroy 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 repeal the new carryover 
  basis rules in order to prevent tax increases and the imposition of 
compliance burdens on many more estates than would benefit from repeal, 
  to retain the estate tax with a $3,500,000 exemption, 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. SHORT TITLE.

    This Act may be cited as the ``Permanent Estate Tax Relief for 
Families, Farmers, and Small Businesses Act of 2009''.

SEC. 2. RETENTION OF ESTATE TAX; REPEAL OF CARRYOVER BASIS.

    (a) In General.--Subtitles A and E of title V of the Economic 
Growth and Tax Relief Reconciliation Act of 2001, and the amendments 
made by such subtitles, are hereby repealed; and the Internal Revenue 
Code of 1986 shall be applied as if such subtitles, and amendments, had 
never been enacted.
    (b) Sunset Not To Apply.--Section 901 of the Economic Growth and 
Tax Relief Reconciliation Act of 2001 shall not apply to title V of 
such Act.
    (c) Conforming Amendments.--
            (1) Sections 511(d) and 521(b)(2) of the Economic Growth 
        and Tax Relief Reconciliation Act of 2001, and the amendments 
        made by such sections, are hereby repealed; and the Internal 
        Revenue Code of 1986 shall be applied as if such sections, and 
        amendments, had never been enacted.
            (2) Subsection (c) of section 2511 of the Internal Revenue 
        Code of 1986 is hereby repealed.

SEC. 3. MODIFICATIONS TO ESTATE AND GIFT TAXES.

    (a) $3,500,000 Applicable Exclusion Amount.--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 $3,500,000.''.
    (b) Freeze Maximum Estate and Gift Tax Rates at 45 Percent.--
Subsection (c) of section 2001 of such Code is amended--
            (1) by striking paragraph (2),
            (2) by striking so much of paragraph (1) as precedes the 
        table contained therein, and
            (3) by striking the last 2 items in the table and inserting 
        the following new item:


``Over $1,500,000............................  $555,800, plus 45 percent of the excess of such amount over
                                                $1,500,000.''.
 

    (c) Effective Date.--The amendments made by this section shall 
apply to estates of decedents dying, and gifts made, after December 31, 
2009.
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