I 

111TH CONGRESS 

1ST SESSION H. R. 2658 

To amend the Internal Revenue Code of 1986 to increase the estate and 

gift tax unified credit to an exclusion equivalent of $5,000,000, to adjust 

such amount for inflation, to repeal the 1-year termination of the estate 

tax, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JUNE 2, 2009 

Mr. CAPUANO 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 increase 

the estate and gift tax unified credit to an exclusion 

equivalent of $5,000,000, to adjust such amount for 

inflation, to repeal the 1-year termination of the estate 

tax, 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. INCREASE IN THE UNIFIED CREDIT AGAINST 

4 ESTATE AND GIFT TAX. 

5 (a) IN GENERAL.—Subsection (c) of section 2010 of 

6 the Internal Revenue Code of 1986 (relating to applicable 

7 credit amount) is amended by striking all that follows 


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

2 For purposes of the preceding sentence, the applicable ex3 clusion amount is $5,000,000.’’. 

4 (b) INFLATION ADJUSTMENT.—Section 2010 of such 

5 Code is amended by redesignating subsection (d) as sub6 section (e) and by inserting after subsection (c) the fol7 lowing new subsection: 

8 ‘‘(d) COST-OF-LIVING ADJUSTMENT.—In the case of 

9 any decedent dying, or gift made, in a calendar year after 

10 2010, the $5,000,000 amount in subsection (c) shall be 

11 increased by an amount equal to— 

12 ‘‘(1) such amount, multiplied by 

13 ‘‘(2) the cost-of-living adjustment determined 

14 under section 1(f)(3) for such calendar year by sub15 stituting ‘calendar year 2009’ for ‘calendar year 

16 1992’ in subparagraph (B) thereof. 

17 If any amount as adjusted under the preceding sentence 

18 is not a multiple of $10,000, such amount shall be round19 ed to the nearest multiple of $10,000.’’. 

20 (c) REPEAL OF 1-YEAR TERMINATION OF THE ES21 TATE TAX; APPLICATION OF EGTRRA SUNSET.— 

22 (1) IN GENERAL.—Subtitles A and E of title V 

23 of the Economic Growth and Tax Relief Reconcili24 ation Act of 2001, and the amendments made by 

25 such subtitles, are hereby repealed; and the Internal 


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1 Revenue Code of 1986 shall be applied as if such 

2 subtitles, and amendments, had never been enacted. 

3 (2) CONFORMING AMENDMENTS.—Sections 

4 511(d), 511(e), and 521(b)(2) of the Economic 

5 Growth and Tax Relief Reconciliation Act of 2001, 

6 and the amendments made by such sections, are 

7 hereby repealed; and the Internal Revenue Code of 

8 1986 shall be applied as if such sections, and 

9 amendments, had never been enacted. 

10 (3) APPLICATION OF SUNSET TO REMAINING

11 PROVISIONS.— 

12 (A) IN GENERAL.—Paragraph (2) of sec13 tion 901(a) of the Economic Growth and Tax 

14 Relief Reconciliation Act of 2001 is amended by 

15 striking ‘‘December 31, 2010’’ and inserting 

16 ‘‘December 31, 2009’’. 

17 (B) EXCEPTION.—Section 901 of the Eco18 nomic Growth and Tax Relief Reconciliation 

19 Act of 2001 shall not apply to subtitle C of title 

20 V of such Act. 

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

22 subsections (a) and (b) shall apply to estates of decedents 

23 dying, and gifts made, after December 31, 2009. 

Æ 


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