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In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.

SECTION 1. SHORT TITLE.

This Act may be cited as the ''Estate Tax Reduction Act of 2005''.

SEC. 2. 20 PERCENT REDUCTION IN ESTATE TAX RATES.

(a) In General.--Subsection (c) of section 2001 of the Internal
Revenue Code of 1986 is amended to read as follows:
''(c) Rate Schedule.--

''If the amount with respect to The tentative tax is:
which the tentative tax is
to be computed is:
Not over $10,000...............
14.4% of such amount.
Over $10,000 but not over
$20,000.
$1,440, plus 16% of the excess
of such amount over
$10,000
Over $20,000 but not over
$40,000.
$3,040, plus 17.6% of the
excess of such amount
over $20,000
Over $40,000 but not over
$60,000.
$6,560, plus 19.2% of the
excess of such amount
over $40,000
Over $60,000 but not over
$80,000.
$10,400, plus 20.8% of the
excess of such amount
over $60,000
Over $80,000 but not over
$100,000.
$14,560, plus 22.4% of the
excess of such amount
over $80,000
Over $100,000 but not over
$150,000.
$19,040, plus 24% of the excess
of such amount over
$100,000
Over $150,000 but not over
$250,000.
$31,040, plus 25.6% of the
excess of such amount
over $150,000
Over $250,000 but not over
$500,000.
$56,640, plus 27.2% of the
excess of such amount
over $250,000
Over $500,000 but not over
$750,000.
$124,640, plus 29.6% of the
excess of such amount
over $500,000
Over $750,000 but not over
$1,000,000.
$198,640, plus 31.2% of the
excess of such amount
over $750,000
Over $1,000,000 but not over
$1,250,000.
$276,640, plus 32.8% of the
excess of such amount
over $1,000,000
Over $1,250,000 but not over
$1,500,000.
$358,640, plus 34.4% of the
excess of such amount
over $1,250,000
Over $1,500,000 but not over
$2,000,000.
$444,640, plus 36% of the
excess of such amount
over $1,500,000
Over $2,000,000................
$624,640, plus 39.2% of the
excess of such amount
over $2,000,000.''.
(b) Effective Date.--The amendment made by this section shall apply
to estates of decedents dying, and gifts made, after the date of the
enactment of this Act.

SEC. 3. UNIFIED CREDIT INCREASED TO EQUIVALENT OF $3,000,000 EXCLUSION;
INFLATION ADJUSTMENT OF UNIFIED CREDIT.

(a) Increase in Unified Credit.--Subsection (c) of section 2010 of
the Internal Revenue Code of 1986 (relating to applicable credit
amount) is amended by striking all that follows ''were the applicable
exclusion amount'' and inserting ''. For purposes of the preceding
sentence, the applicable exclusion amount is $3,000,000.''
(b) Inflation Adjustment.--Section 2010 of such Code is amended by
redesignating subsection (d) as subsection (e) and by inserting after
subsection (c) the following new subsection:
''(d) Cost-of-Living Adjustment.--In the case of any decedent
dying, and gift made, in a calendar year after 2005, the $3,000,000
amount set forth in subsection (c) shall be increased by an amount
equal to--
''(1) $3,000,000, multiplied by
''(2) the cost-of-living adjustment determined under
section 1(f)(3) for such calendar year by substituting
'calendar year 2004' for 'calendar year 1992' in subparagraph
(B) thereof.
If any amount as adjusted under the preceding sentence is not a
multiple of $10,000, such amount shall be rounded to the nearest
multiple of $10,000.''.
(c) Effective Date.--The amendments made by this section shall
apply to estates of decedents dying, and gifts made, after the date of
the enactment of this Act.
Output:
Estate Tax Reduction Act of 2005 - Amends the Internal Revenue Code to reduce estate tax rates and increase the unified estate tax credit to $3 million, with an inflation adjustment to such credit amount beginning in 2006.