I 

111TH CONGRESS 

1ST SESSION H. R. 1986 

To amend the Internal Revenue Code of 1986 and the Economic Growth 

and Tax Relief Reconciliation Act of 2001 to restore the estate tax, 

increase the estate tax unified credit to an exclusion equivalent of 

$4,000,000, reduce the maximum estate tax rate to 40 percent, and 

for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

APRIL 21, 2009 

Mr. CHILDERS introduced the following bill; which was referred to the 

Committee on Ways and Means 

A BILL 

To amend the Internal Revenue Code of 1986 and the Economic Growth and Tax Relief Reconciliation Act of 2001 

to restore the estate tax, increase the estate tax unified 

credit to an exclusion equivalent of $4,000,000, reduce 

the maximum estate tax rate to 40 percent, and for 

other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. RESTORATION AND MODIFICATION OF ESTATE 

4 TAX. 

5 (a) RESTORATION OF ESTATE TAX; REPEAL OF CAR6 RYOVER BASIS.— 

mstockstill on PROD1PC66 with BILLS

2 

•HR 1986 IH

1 (1) IN GENERAL.—The following provisions of 

2 the Economic Growth and Tax Relief Reconciliation 

3 Act of 2001, and the amendments made by such 

4 provisions, are hereby repealed: 

5 (A) Subtitles A and E of title V. 

6 (B) Subsections (d) and (e) of section 511. 

7 (C) Paragraph (2) of section 521(b). 

8 The Internal Revenue Code of 1986 shall be applied 

9 and administered as if the provisions and amend10 ments described in the preceding sentence had never 

11 been enacted. 

12 (2) SUNSET NOT TO APPLY.— 

13 (A) Subsection (a) of section 901 of the 

14 Economic Growth and Tax Relief Reconciliation 

15 Act of 2001 is amended by striking ‘‘this Act’’ 

16 and all that follows and inserting ‘‘this Act 

17 (other than title V) shall not apply to taxable, 

18 plan, or limitation years beginning after Decem19 ber 31, 2010.’’. 

20 (B) Subsection (b) of such section 901 is 

21 amended by striking ‘‘, estates, gifts, and trans22 fers’’. 

23 (b) INCREASE IN UNIFIED CREDIT AGAINST THE ES24 TATE TAX.—Subsection (c) of section 2010 of the Internal 

25 Revenue Code of 1986 is amended by striking all that folmstockstill on PROD1PC66 with BILLS

3 

•HR 1986 IH

1 lows ‘‘the applicable exclusion amount’’ and inserting ‘‘. 

2 For purposes of the preceding sentence, the applicable ex3 clusion amount is $4,000,000.’’. 

4 (c) DECREASE IN MAXIMUM RATE OF TAX.— 

5 (1) IN GENERAL.—The table contained in sec6 tion 2001(c)(1) of such Code is amended by striking 

7 the last 5 rows and inserting the following: 

‘‘Over $1,000,000 ................................. $345,800, plus 40 percent of the excess of such amount over 

$1,000,000.’’. 

8 (2) CONFORMING AMENDMENTS.—Subsection 

9 (c) of section 2001 of such Code is amended— 

10 (A) by striking paragraph (2), and 

11 (B) by striking all that precedes the table 

12 contained therein and inserting the following: 

13 ‘‘(c) RATE SCHEDULE.—The tentative tax shall be 

14 determined in accordance with the following table:’’. 

15 (d) EFFECTIVE DATE.—The amendments made by 

16 this section shall apply to estates of decedents dying, and 

17 gifts made, after December 31, 2009. 

Æ 

mstockstill on PROD1PC66 with BILLS