legislation: 94-hr-15230

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
94-hr-15230 94 hr 15230 A bill to amend the Internal Revenue Code of 1954 to revise the rate schedule for estate and gift taxes. Taxation 1976-08-23 1976-08-23 Referred to House Committee on Ways and Means. House Rep. Vanik, Charles A. [D-OH-22] OH D V000047 0 Amends the Internal Revenue Code to provide a single unified rate schedule for estate and gift taxes. Establishes progressive rates based on cumulative lifetime transfers and transfers at death. Determines the amount of estate tax by applying the unified rates to such cumulative transfers and then subtracting the taxes payable on lifetime transfers. Provides that for purposes of determining the amount of the gross estate, the amount of gift tax paid with respect to transfers made within three years of death shall be included in the decedent's gross estate. Provides, as a transitional rule, that the lifetime transfers taken into account in determining cumulative transfers at death, for purposes of imposing the estate tax under the unified schedule, shall only include taxable gifts made after December 31, 1976. Repeals the estate and gift tax exemptions. Substitutes for such exemptions a credit against estate and gift taxes in the amount of $40,000. 2024-08-01T19:33:14Z https://www.congress.gov/bill/94th-congress/house-bill/15230

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