U.S. Congress - H.R.4242 Certain and Immediate Estate Tax Relief Act of 2007
H.R.4242 - Certain and Immediate Estate Tax Relief Act of 2007
To amend the Internal Revenue Code of 1986 to retain the estate tax with an immediate increase in the exemption, to repeal the new carryover basis rules in order to prevent tax increases and the imposition of compliance burdens on many more estates than would benefit from repeal, and for other purposes. view all titles (2)
All Bill Titles
- Short: Certain and Immediate Estate Tax Relief Act of 2007 as introduced.
- Official: To amend the Internal Revenue Code of 1986 to retain the estate tax with an immediate increase in the exemption, to repeal the new carryover basis rules in order to prevent tax increases and the imposition of compliance burdens on many more estates than would benefit from repeal, and for other purposes. as introduced.
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Official Summary
11/15/2007--Introduced.Certain and Immediate Estate Tax Relief Act of 2007 - Restores the tax on estates and generation-skipping transfers and the step-up in basis provisions for property acquired from a decedent, previously repealed by the Economic Growth and Tax Relief Reconciliation ActOfficial Summary
11/15/2007--Introduced.Certain and Immediate Estate Tax Relief Act of 2007 - Restores the tax on estates and generation-skipping transfers and the step-up in basis provisions for property acquired from a decedent, previously repealed by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). Declares that the sunset provision (general terminating date of December 10, 2010) of EGTRRA shall not apply to title V of such Act ( Estate, Gift, and Generation-Skipping Transfer Tax Provisions). Amends the Internal Revenue Code to:
(1) provide for an immediate increase to $3 million of the estate tax exclusion (eliminating the phase-in period) with a permanent exclusion of $3.5 million amount after 2009;
(2) impose a maximum estate tax rate of 47 percent;
(3) restore the phaseout of graduated estate tax rates and the unified credit against the estate tax;
(4) set forth estate valuation rules for certain transfers of nonbusiness assets; and
(5) limit estate tax discounts for certain individuals with minority interests in a business acquired from a decedent.
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Recent Blog Coverage
H.R.4242: To amend the Internal Revenue Code of ... - OpenCongress
Or, if you know of a news article about this bill to display here, email us the web address of this page and the web address of your suggested news article: Our editorial team will post relevant links as quickly as possible. ... Section 4 of HR 436 is iden
Resistance is futile!: He doesn't look like those other presidents ...
I don't have the roll call, but the vote to pass the H.R. 4242, the initial tax cutting bill in the first Reagan administration, passed the House 323 - 107, so obviously quite a few Democrats had to vote in favor of the bill. ...
let the games begin!
hr 4242 from democrat earl pomeroy of north dakota make the exemption $3mm for 2007 and 2008, $3.5mm for 2009 and beyond. it freezes the maximum tax at 47% for taxable amounts in excess of $2mm. it seems to me there are a lot of very ...
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