U.S. Congress - H.R.4235 Estate Tax Reduction Act of 2007
H.R.4235 - Estate Tax Reduction Act of 2007
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. view all titles (2)
All Bill Titles
- Short: Estate Tax Reduction Act of 2007 as introduced.
- Official: 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. as introduced.
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Official Summary
11/15/2007--Introduced.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 (Official Summary
11/15/2007--Introduced.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.
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Recent Blog Coverage
let the games begin!
hr 4235 from democrat nita lowey of new york would change the exemption to $3mm immediately, bypassing the increasing to $3.5mm in 2009. hr 4042 from democrat gerald mcnerney of california would increase the exemption a year early to ...
Bill Action: Introduced: HR 4235: To amend the Internal Revenue ...
Nita Lowey [D-NY] introduced HR 4235: 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 ...
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