Estate Tax Relief Act of 2001

1/16/2023, 2:48 PM
Estate Tax Relief Act of 2001 - Amends the Internal Revenue Code to: (1) reduce the maximum estate and gift tax rate to 45 percent; (2) replace the unified credit against the estate and gift taxes with a unified exemption amount of $10 million; and (3) increase from $10,000 to $50,000 the annual gift exclusion amount.
Congress
107
Number
HR - 1437
Introduced on
2001-04-04
# Amendments
0
Sponsors
+5
Cosponsors
+5

Variations and Revisions

4/4/2001
Text
PDF

Status of Legislation

Bill Introduced
Introduced to House
House to Vote
Introduced to Senate
Senate to Vote

Purpose and Summary

Estate Tax Relief Act of 2001 - Amends the Internal Revenue Code to: (1) reduce the maximum estate and gift tax rate to 45 percent; (2) replace the unified credit against the estate and gift taxes with a unified exemption amount of $10 million; and (3) increase from $10,000 to $50,000 the annual gift exclusion amount.
Alternative Names
Official Title as IntroducedTo amend the Internal Revenue Code of 1986 to reduce the maximum estate and gift tax rate to 45 percent, to replace the unified credit against the estate and gift tax with a unified exemption amount, and to increase the gift exclusion amount.
Policy Areas
Taxation
Potential Impact
Cost of living adjustments•
Economics and Public Finance•
Estate tax•
Gift tax•
Indexing (Economic policy)•
Tax credits•
Tax cuts•
Tax exclusion•
Tax exemption•
Tax rates

Comments

Related

Bill Update Alert:  Economic Growth and Tax Relief Reconciliation Act of 2001
Member:  Charles W. Norwood
Member:  Saxby Chambliss
Member:  Mac Collins
Member:  Nathan Deal

Recent Activity

Latest Summary11/28/2006
Estate Tax Relief Act of 2001 - Amends the Internal Revenue Code to: (1) reduce the maximum estate and gift tax rate to 45 percent; (2) replace the unified credit against the estate and gift taxes with a unified exemption amount of $10 million; and (...
Latest Action8/13/2001
See H.R.1836.