A bill to amend the Internal Revenue Code of 1986 to phase in a full estate tax deduction for family-owned business interests and to increase the unified credit exemption.

Fact Sheet API

Bill Number

S 179

Introduced

Jan 25, 2001

Latest Action

Committee on Finance. Hearings held.

Sponsor

Cosponsors

Topics

Commerce Estate tax Families Family enterprises Gift tax Married people Tax credits Tax deductions Taxation

Full Text

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Votes

Summary

Amends the Internal Revenue Code to phase-in an increase in the maximum deduction allowed for purposes of the family-owned business estate rule to $9.375 million beginning January 1, 2005. Phases-in an increase in the unified credit against estate and gift taxes to $2 million by 2006.

Actions

Mar 15, 2001

Committee on Finance. Hearings held.
Jan 25, 2001

Read twice and referred to the Committee on Finance.
Jan 25, 2001

Sponsor introductory remarks on measure. (CR S569)
Jan 25, 2001

Introduced in Senate

Amendments

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