To amend the Internal Revenue Code of 1986 to increase the unified credit against the estate and gift tax and to simplify the estate and gift tax rates.

Bill: 115-hr-3886
Sponsor: full_name: Rep. Scott, Austin [R-GA-8]
Introduced: 2017-09-28
Policy area: Taxation
Subjects: Inflation and prices

Transfer and inheritance taxes
Latest action: action_date: 2017-09-28
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2017-09-28
action_desc: Introduced in House
text: <p>This bill amends the Internal Revenue Code, with respect to the estate and gift tax, to: (1) increase the basic exclusion amount from $5 million to $50 million; (2) modify the required inflation adjustment for the basic exclusion amount; and (3) replace the existing rate schedule, which ranges from 18% to 40% depending on the amount of the estate or gift, with a single 20% rate.</p>

tv_txt: I 115th CONGRESS 1st Session H. R. 3886 IN THE HOUSE OF REPRESENTATIVES September 28, 2017 Mr. Austin Scott of Georgia 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 unified credit against the estate and gift tax and to simplify the estate and gift tax rates.

1. Estate and gift tax reforms (a) Increase in unified credit (1) In general Section 2010(c)(3)(A) of the Internal Revenue Code of 1986 is amended by striking $5,000,000 and inserting $50,000,000 . (2) Inflation adjustment Section 2010(c)(3)(B) of such Code is amended— (A) by striking 2011 in the matter preceding clause (i) and inserting 2017 ; and (B) by striking 2010 in clause (ii) and inserting 2016 . (b) Simplification of rates Section 2001(c) of such Code is amended to read as follows: (c) Tentative tax The tentative tax computed under this subsection is 20 percent of the amount with respect to which such tentative tax is to be computed. . (c) Effective date The amendments made by this section shall apply to decedents dying, and gifts made, after the date of the enactment of this section.