h 2 47398 1195102800 false 1195102800 4235 398 110 400246 11/15/2007--Introduced.<br/>Estate Tax Reduction Act of 2007 - Repeals provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 that eliminate the estate and generation-skipping transfer taxes and the basis rules for property acquired from a decedent after December 31, 2009 (thus restoring such taxes and rules). Amends the Internal Revenue Code to: (1) reduce to 39.2% the maximum estate tax rate; (2) increase to $3 million the unified credit against the estate tax; and (3) provide for an inflation adjustment to the increased credit amount after 2007. 1195102800 2007-11-15 Fri Nov 07 02:58:49 -0600 2008 introduced 47398 'act':4 'tax':2 '2007':6 'estat':1 'reduct':3 54943 false Estate Tax Reduction Act of 2007 short introduced 47398 '3':43 '20':26 '000':44,45 'tax':13,23,37 '1986':8 'basi':18 'code':6 'gift':36 'rate':24 'rule':19 'amend':2 'estat':12,22,34 'reduc':21 'unifi':31 'adjust':52 'amount':55 'credit':32 'exclus':46 'inflat':51 'intern':4 'provid':49 'purpos':59 'repeal':15 'restor':10 'revenu':5 'carryov':17 'equival':40 'increas':29 'percent':27 54250 false To amend the Internal Revenue Code of 1986 to restore the estate tax, to repeal the carryover basis rule, to reduce estate tax rates by 20 percent, to increase the unified credit against estate and gift taxes to the equivalent of a $3,000,000 exclusion and to provide an inflation adjustment of such amount, and for other purposes. official introduced 47398 1195102800 Thu Nov 15 00:00:00 -0600 2007 137014 L000480 1937-07-05 3246 2329 Rayburn House Office Building http://lowey.house.gov/?sectionid=56&sectiontree=56 18 202-225-0546 Nita 'd':4 'ny':5 '-18':6 'rep':1 'nita':2,7,9 'lowey':3,8,10 F 400246 Lowey Nita_M._Lowey M. Rep. Nita Lowey [D, NY-18] 1255 N00001024 6849 Democrat 202-225-6506 Jewish NY Rep. Nita Lowey http://www.house.gov/lowey/ introduced 47398 1195102800 Thu Nov 15 00:00:00 -0600 2007 137014 action 47398 1195102800 Thu Nov 15 00:00:00 -0600 2007 137015 Referred to the House Committee on Ways and Means.