To amend the Internal Revenue Code of 1986 to make permanent the increase in the estate and gift tax exemption made by Public Law 115-97.

Bill: 115-hr-6228
Sponsor: full_name: Rep. Marchant, Kenny [R-TX-24]
Introduced: 2018-06-26
Policy area: Taxation
Subjects: Transfer and inheritance taxes
Latest action: action_date: 2018-06-26
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2018-06-26
action_desc: Introduced in House
text: <p>This bill amends the Internal Revenue Code to make permanent the $10 million exemption amount for the estate and gift tax. (Under current law, the exemption amount has been temporarily increased from $5 million to $10 million for decedents dying or gifts made after December 31, 2017, and before January 1, 2026. The amount is indexed for inflation after 2011.)</p>

tv_txt: I 115th CONGRESS 2d Session H. R. 6228 IN THE HOUSE OF REPRESENTATIVES June 26, 2018 Mr. Marchant 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 make permanent the increase in the estate and gift tax exemption made by Public Law 115–97 .

1. Increase in estate and gift tax exemption made permanent (a) In general Section 2010(c)(3) of the Internal Revenue Code of 1986 is amended in subparagraph (A), by striking $5,000,000 and inserting $10,000,000 . (b) Conforming amendments (1) Section 2001(g) of such Code is amended to read as follows: (g) Modifications to gift tax payable To reflect different tax rates For purposes of applying subsection (b)(2) with respect to 1 or more gifts, the rates of tax under subsection (c) in effect at the decedent’s death shall, in lieu of the rates of tax in effect at the time of such gifts, be used both to compute— (1) the tax imposed by chapter 12 with respect to such gifts, and (2) the credit allowed against such tax under section 2505, including in computing— (A) the applicable credit amount under section 2505(a)(1), and (B) the sum of the amounts allowed as a credit for all preceding periods under section 2505(a)(2). . (2) Section 2010(c)(3) of such Code is amended by striking subparagraph (C). (c) Effective date The amendments made by this section shall apply to estates of decedents dying and gifts made after December 31, 2017.