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[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2532 Introduced in House (IH)]

108th CONGRESS
  1st Session
                                H. R. 2532

To amend the Internal Revenue Code of 1986 to restore the applicability 
of the estate tax to estates over $3,000,000, to restore the 50-percent 
 maximum rate, and to deposit revenues from the estate tax into Social 
                         Security Trust Funds.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                             June 19, 2003

Mr. Kennedy of Rhode Island (for himself, Ms. Baldwin, and Mr. Frank of 
Massachusetts) 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 restore the applicability 
of the estate tax to estates over $3,000,000, to restore the 50-percent 
 maximum rate, and to deposit revenues from the estate tax into Social 
                         Security Trust Funds.

    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 ``Save Social Security First Act of 
2003''.

SEC. 2. CONTINUATION OF ESTATE TAX; REPEAL OF CARRYOVER BASIS; ETC.

    (a) In General.--Subtitles A and E of title V of the Economic 
Growth and Tax Relief Reconciliation Act of 2001, and the amendments 
made by such subtitles, are hereby repealed; and the Internal Revenue 
Code of 1986 shall be applied as if such subtitles, and amendments, had 
never been enacted.
    (b) Sunset Not To Apply.--
            (1) Subsection (a) of section 901 of the Economic Growth 
        and Tax Relief Reconciliation Act of 2001 is amended by 
        striking ``this Act'' and all that follows and inserting ``this 
        Act (other than title V) shall not apply to taxable, plan, or 
        limitation years beginning after December 31, 2010.''.
            (2) Subsection (b) of such section 901 is amended by 
        striking ``, estates, gifts, and transfers''.
    (c) Conforming Amendments.--Subsections (d) and (e) of section 511 
of the Economic Growth and Tax Relief Reconciliation Act of 2001, and 
the amendments made by such subsections, are hereby repealed; and the 
Internal Revenue Code of 1986 shall be applied as if such subsections, 
and amendments, had never been enacted.

SEC. 3. IMMEDIATE $3,000,000 EXEMPTION; RESTORATION OF 50 PERCENT 
              MAXIMUM RATE.

    (a) Increase in Unified Credit.--Subsection (c) of section 2010 of 
the Internal Revenue Code of 1986 (relating to applicable credit 
amount) is amended by striking all that follows ``were the applicable 
exclusion amount'' and inserting ``. For purposes of the preceding 
sentence, the applicable exclusion amount is $3,000,000.''
    (b) 50 Percent Maximum Estate Tax Rate.--Subsection (c) of section 
2001 of such Code is amended--
            (1) by striking ``(1) In general.--'', and
            (2) by striking paragraph (2).
    (c) Effective Date.--The amendments made by this section shall 
apply to estates of decedents dying, and gifts made, after December 31, 
2003.

SEC. 4. TRANSFER OF ESTATE TAX REVENUES AFTER 2009 TO SOCIAL SECURITY 
              TRUST FUNDS.

    (a) In General.--Amounts equivalent to the taxes imposed by chapter 
11 of the Internal Revenue Code of 1986 with respect to estates of 
decedents dying after December 31, 2004, are hereby appropriated to--
            (1) the Federal Old-Age and Survivors Insurance Trust Fund, 
        and
            (2) the Federal Disability Insurance Trust Fund.
Amounts appropriated by the preceding sentence to each such Fund for 
any calendar year shall be in the same proportion as amounts are 
appropriated to such Funds during such year without regard to this 
section.
    (b) Transfers.--The amounts appropriated by subsection (a) to each 
fund shall be transferred from time to time (but not less frequently 
than quarterly) from the general fund of the Treasury on the basis of 
estimates made by the Secretary of the Treasury of the amounts referred 
to in subsection (a). Proper adjustments shall be made in the amounts 
subsequently transferred to the extent prior estimates were in excess 
of or less than the amounts required to be transferred.
                                 <all>
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