To amend the Internal Revenue Code of 1986 to reduce estate and gift tax rates to 30 percent, to increase the exclusion equivalent of the unified credit to $10,000,000, and to increase the annual gift tax exclusion to $50,000.

1/16/2023, 11:18 PM
Amends the Internal Revenue Code to: (1) reduce estate and gift tax rates to 30 percent; (2) increase the exclusion equivalent of the unified credit to $10,000,000; and (3) increase the annual gift tax exclusion to $50,000.
Congress
107
Number
HR - 543
Introduced on
2001-02-08
# Amendments
0
Sponsors
+5

Variations and Revisions

2/8/2001
Text
PDF

Status of Legislation

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

Purpose and Summary

Amends the Internal Revenue Code to: (1) reduce estate and gift tax rates to 30 percent; (2) increase the exclusion equivalent of the unified credit to $10,000,000; and (3) increase the annual gift tax exclusion to $50,000.
Alternative Names
Official Title as IntroducedTo amend the Internal Revenue Code of 1986 to reduce estate and gift tax rates to 30 percent, to increase the exclusion equivalent of the unified credit to $10,000,000, and to increase the annual gift tax exclusion to $50,000.
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 rates

Comments

Related

Member:  James A. Leach
Bill Update Alert:  Economic Growth and Tax Relief Reconciliation Act of 2001

Recent Activity

Latest Summary11/28/2006
Amends the Internal Revenue Code to: (1) reduce estate and gift tax rates to 30 percent; (2) increase the exclusion equivalent of the unified credit to $10,000,000; and (3) increase the annual gift tax exclusion to $50,000.
Latest Action8/13/2001
See H.R.1836.