H.R. 1577 · 109th Congress
Certain and Immediate Estate Tax Relief Act of 2005
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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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PomeroySponsor10 cosponsors · 10 D
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Allen
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Brown
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Cardin
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Gonzalez
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Holden
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Lipinski
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Obey
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Eshoo
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Costa
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Larson7 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Certain and Immediate Estate Tax Relief Act of 2005 - 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and generation-skipping transfers and the step-up in basis provisions for property acquired from a decedent, previously repealed by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA).
What it does: CRS summary · Introduced in House · Apr 12, 2005
Certain and Immediate Estate Tax Relief Act of 2005 - 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and generation-skipping transfers and the step-up in basis provisions for property acquired from a decedent, previously repealed by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA).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); (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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Certain and Immediate Estate Tax Relief Act of 2005
Latest action (Apr 12, 2005): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Apr 12, 2005
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.