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HR.8 - Death Tax Elimination Bill Released
Death Tax Elimination Act (Introduced in the House)
106th CONGRESS
1st Session
H. R. 8
To amend the Internal Revenue Code of 1986 to phaseout the estate and gift taxes over a 10-year period.
IN THE HOUSE OF REPRESENTATIVES
February 25, 1999
Ms. DUNN (for herself and Mr. TANNER) introduced the following bill; which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to phaseout the estate and gift taxes over a 10-year period.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the `Death Tax Elimination Act'.
SEC. 2. PHASEOUT OF ESTATE AND GIFT TAXES.
(a) REPEAL OF ESTATE AND GIFT TAXES- Subtitle B of the Internal Revenue Code of 1986 (relating to estate and gift taxes) is repealed effective with respect to estates of decedents dying, and gifts made, after December 31, 2009.
(b) PHASEOUT OF TAX- Subsection (c) of section 2001 of such Code (relating to imposition and rate of tax) is amended by adding at the end the following new paragraph:
`(3) PHASEOUT OF TAX- In the case of estates of decedents dying, and gifts made, during any calendar year after 1999 and before 2010--
`(A) IN GENERAL- The tentative tax under this subsection shall be determined by using a table prescribed by the Secretary (in lieu of using the table contained in paragraph (1)) which is the same as such table; except that--
`(i) each of the rates of tax shall be reduced (but not below zero) by the number of percentage points determined under subparagraph (B), and
`(ii) the amounts setting forth the tax shall be adjusted to the extent necessary to reflect the adjustments under clause (i).
`(B) PERCENTAGE POINTS OF REDUCTION-
The number of
`For calendar year:
percentage points is:
2000 5
2001 10
2002 15
2003 20
2004 25
2005 30
2006 35
2007 40
2008 45
2009 50.
`(C) COORDINATION WITH PARAGRAPH (2)- Paragraph (2) shall be applied by reducing the 55 percent percentage contained therein by the number of percentage points determined for such calendar year under subparagraph (B).
`(D) COORDINATION WITH CREDIT FOR STATE DEATH TAXES- Rules similar to the rules of subparagraph (A) shall apply to the table contained in section 2011(b) except that the number of percentage points referred to in subparagraph (A)(i) shall be determined under the following table:
The number of
`For calendar year:
percentage points is:
2000 1 1/2
2001 3
2002 4 1/2
2003 6
2004 7 1/2
2005 9
2006 10 1/2
2007 12
2008 13 1/2
2009 15.'
(c) EFFECTIVE DATE- The amendments made by this section shall apply to estates of decedents dying, and gifts made, after December 31, 1999.
106th CONGRESS
1st Session
H. R. 8
To amend the Internal Revenue Code of 1986 to phaseout the estate and gift taxes over a 10-year period.
IN THE HOUSE OF REPRESENTATIVES
February 25, 1999
Ms. DUNN (for herself and Mr. TANNER) introduced the following bill; which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to phaseout the estate and gift taxes over a 10-year period.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the `Death Tax Elimination Act'.
SEC. 2. PHASEOUT OF ESTATE AND GIFT TAXES.
(a) REPEAL OF ESTATE AND GIFT TAXES- Subtitle B of the Internal Revenue Code of 1986 (relating to estate and gift taxes) is repealed effective with respect to estates of decedents dying, and gifts made, after December 31, 2009.
(b) PHASEOUT OF TAX- Subsection (c) of section 2001 of such Code (relating to imposition and rate of tax) is amended by adding at the end the following new paragraph:
`(3) PHASEOUT OF TAX- In the case of estates of decedents dying, and gifts made, during any calendar year after 1999 and before 2010--
`(A) IN GENERAL- The tentative tax under this subsection shall be determined by using a table prescribed by the Secretary (in lieu of using the table contained in paragraph (1)) which is the same as such table; except that--
`(i) each of the rates of tax shall be reduced (but not below zero) by the number of percentage points determined under subparagraph (B), and
`(ii) the amounts setting forth the tax shall be adjusted to the extent necessary to reflect the adjustments under clause (i).
`(B) PERCENTAGE POINTS OF REDUCTION-
The number of
`For calendar year:
percentage points is:
2000 5
2001 10
2002 15
2003 20
2004 25
2005 30
2006 35
2007 40
2008 45
2009 50.
`(C) COORDINATION WITH PARAGRAPH (2)- Paragraph (2) shall be applied by reducing the 55 percent percentage contained therein by the number of percentage points determined for such calendar year under subparagraph (B).
`(D) COORDINATION WITH CREDIT FOR STATE DEATH TAXES- Rules similar to the rules of subparagraph (A) shall apply to the table contained in section 2011(b) except that the number of percentage points referred to in subparagraph (A)(i) shall be determined under the following table:
The number of
`For calendar year:
percentage points is:
2000 1 1/2
2001 3
2002 4 1/2
2003 6
2004 7 1/2
2005 9
2006 10 1/2
2007 12
2008 13 1/2
2009 15.'
(c) EFFECTIVE DATE- The amendments made by this section shall apply to estates of decedents dying, and gifts made, after December 31, 1999.
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