To amend the Internal Revenue Code of 1986 and the Economic Growth and Tax Relief Reconciliation Act of 2001 to restore the estate tax and repeal the carryover basis rule and to increase the estate tax unified credit to an exclusion equivalent of $3,500,000.
Latest action · Apr 12, 2005 Referred to the House Committee on Ways and Means.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedApr 12, 2005
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Amends the Internal Revenue Code to: (1) restore the tax on estates and generation-skipping transfers; (2) repeal the termination of provisions allowing a step-up in basis for property transferred by a decedent; and (3) increase the estate tax exclusion amount to $3.5 million, with an annual inflation adjustment to such amount beginning in 2007.
Cosponsors 11
Members who signed on, in the order they did. Signatures ran from Apr 12, 2005 to Jun 22, 2006, with 1 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-HI | Ed Case | Original | Apr 12, 2005 |
| D-IL | Jerry F. Costello | Jul 19, 2005 | |
| D-IA | Leonard L. Boswell | Jul 19, 2005 | |
| D-AR | Marion Berry | Jul 19, 2005 | |
| D-ME | Michael H. Michaud | Jul 19, 2005 | |
| D-NY | Steve Israel | Jul 19, 2005 | |
| D-OH | Sherrod Brown | Jul 28, 2005 | |
| D-IL | Daniel Lipinski | Sep 20, 2005 | |
| D-CO | Diana DeGette | Nov 17, 2005 | |
| D-WA | Brian Baird | Jun 6, 2006 | |
| D-MO | Russ Carnahan | Jun 22, 2006 |
Actions 3
Everything that happened, newest first.
- Apr 12, 2005Introduced in House
- Apr 12, 2005Referred to the House Committee on Ways and Means.
- Apr 12, 2005Sponsor introductory remarks on measure. (CR E624)
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Apr 12, 2005Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.