[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3886 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 3886

  To amend the Internal Revenue Code of 1986 to increase the unified 
 credit against the estate and gift tax and to simplify the estate and 
                            gift tax rates.


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                    IN THE HOUSE OF REPRESENTATIVES

                           September 28, 2017

 Mr. Austin Scott of Georgia introduced the following bill; which was 
              referred to the Committee on Ways and Means

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                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to increase the unified 
 credit against the estate and gift tax and to simplify the estate and 
                            gift tax rates.

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

SECTION 1. ESTATE AND GIFT TAX REFORMS.

    (a) Increase in Unified Credit.--
            (1) In general.--Section 2010(c)(3)(A) of the Internal 
        Revenue Code of 1986 is amended by striking ``$5,000,000'' and 
        inserting ``$50,000,000''.
            (2) Inflation adjustment.--Section 2010(c)(3)(B) of such 
        Code is amended--
                    (A) by striking ``2011'' in the matter preceding 
                clause (i) and inserting ``2017''; and
                    (B) by striking ``2010'' in clause (ii) and 
                inserting ``2016''.
    (b) Simplification of Rates.--Section 2001(c) of such Code is 
amended to read as follows:
    ``(c) Tentative Tax.--The tentative tax computed under this 
subsection is 20 percent of the amount with respect to which such 
tentative tax is to be computed.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to decedents dying, and gifts made, after the date of the 
enactment of this section.
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