I
107TH CONGRESS
1ST SESSION
H. R. 2631
To accelerate the repeal of the estate and generation-skipping transfer taxes
and the reduction in the maximum gift tax rate.
IN THE HOUSE OF REPRESENTATIVES
JULY 25, 2001
Ms. DUNN of Washington (for herself and Mr. CRAMER) introduced the
following bill; which was referred to the Committee on Ways and Means
A BILL
To accelerate the repeal of the estate and generation-skipping
transfer taxes and the reduction in the maximum gift
tax rate.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. REPEAL OF ESTATE AND GENERATION-SKIP-
PING TRANSFER TAXES ACCELERATED TO
2007.
(a) ESTATE TAX REPEAL.—Section 2210 of the In-
ternal Revenue Code of 1986 (relating to termination) is
amended—
(1) by striking ‘‘December 31, 2009’’ and in-
serting ‘‘December 31, 2006’’ both places it appears,
(2) by striking ‘‘January 1, 2010’’ in subsection
(b) and inserting ‘‘January 1, 2007’’, and
(3) by striking ‘‘December 31, 2020’’ in sub-
section (b)(1) and inserting ‘‘December 31, 2017’’.
(b) GENERATION-SKIPPING
TRANSFER
TAX
RE-
PEAL.—Section 2664 of such Code (relating to termi-
nation) is amended by striking ‘‘December 31, 2009’’ and
inserting ‘‘December 31, 2006’’.
(c) CONFORMING AMENDMENTS.—
(1) The table in section 2010(c) of such Code
is amended—
(A) by striking ‘‘, 2007, and 2008’’, and
(B) by striking the following:
‘‘2009 .....................................................................
$3,500,000.’’.
(2) Section 1014(f) of such Code is amended by
striking ‘‘December 31, 2009’’ and inserting ‘‘De-
cember 31, 2006’’.
(3) Section 1022 of such Code is amended—
(A) by striking ‘‘December 31, 2009’’ in
the heading and in subsection (a)(1) and insert-
ing ‘‘December 31, 2006’’, and
(B) in subsection (d)(4)(A)—
(i) by striking ‘‘2010’’ and inserting
‘‘2007’’,
(ii) by striking ‘‘2009’’ in clause (ii)
and inserting ‘‘2006’’.
(4) The item in the table of sections for part
II of subchapter O of chapter 1 of such Code relat-
ing to section 1022 is amended by striking ‘‘Decem-
ber 31, 2009’’ and inserting ‘‘December 31, 2006’’.
(5) Section 501(d) of the Economic Growth and
Tax Relief Reconciliation Act of 2001 (Public Law
107–16) is amended by striking ‘‘December 31,
2009’’ and inserting ‘‘December 31, 2006’’.
(6) Section 901 of the Economic Growth and
Tax Relief Reconciliation Act of 2001 (Public Law
107–16) is amended—
(A) in subsection (a) by striking ‘‘shall not
apply—’’ and all that follows and inserting
‘‘(other than title V) shall not apply to taxable,
plan, or limitation years beginning after Decem-
ber 31, 2010.’’, and
(B) in subsection (b) by striking ‘‘, estates,
gifts, and transfers’’.
(d) EFFECTIVE DATE.—The amendments made by
this section shall take effect on the date of the enactment
of this Act.
SEC. 2. ACCELERATION OF PHASEDOWN OF MAXIMUM ES-
TATE TAX RATE.
(a) IN GENERAL.—Subparagraph (B) of section
2001(c)(2) of the Internal Revenue Code of 1986 (relating
to phasedown of maximum rate of tax) is amended to read
as follows:
‘‘(B) MAXIMUM RATE.—
The maximum
‘‘In calendar year:
rate is:
2002 ......................................................................................... 45 percent
2003 ......................................................................................... 36 percent
2004 ......................................................................................... 27 percent
2005 ......................................................................................... 18 percent
2006 .........................................................................................
9 percent.’’.
(b) 
CONFORMING
AMENDMENT.—Section
2001(c)(2)(A) of such Code is amended by striking ‘‘2002
and before 2010’’ and inserting ‘‘2001 and before 2007’’.
(c) EFFECTIVE DATE.—The amendments made by
this section shall apply to the estates of decedents dying
after the date of the enactment of this Act.
SEC. 3. ACCELERATION OF REDUCTION OF MAXIMUM GIFT
TAX RATE TO MAXIMUM INDIVIDUAL RATE.
Paragraph (3) of section 511(f) of the Economic
Growth and Tax Relief Reconciliation Act of 2001 (Public
Law 107–16) is amended by striking ‘‘December 31,
2009’’ and inserting ‘‘December 31, 2006’’.
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