S. 988

Jobs Protection and Estate Tax Reform Act of 2005

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II

109th CONGRESS

1st Session

S. 988

IN THE SENATE OF THE UNITED STATES

May 10, 2005

Mr. Sessions (for himself, Mr. Ensign, Mr. Martinez, Mr. Cornyn, Mr. Allen, Mr. Hatch, Mrs. Hutchison, Mr. Lott, Mr. Isakson, Mr. Cochran, Mr. Bunning, Mr. Burns, Mr. Coburn, Mr. Chambliss, Mr. Inhofe, Mr. Enzi, Mr. Crapo, Mr. Craig, Mr. Graham, Mr. Vitter, Mr. Thune, Mr. Alexander, Mr. Sununu, and Mr. Allard) introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To permanently repeal the estate and generation-skipping transfer taxes.

1.

Short title

This Act may be cited as the Jobs Protection and Estate Tax Reform Act of 2005.

2.

Repeal of estate and Generation-Skipping transfer taxes accelerated to 2005

(a)

Estate tax repeal

Section 2210 of the Internal Revenue Code of 1986 (relating to termination) is amended—

(1)

by striking December 31, 2009 and inserting December 31, 2004 both places it appears,

(2)

by striking January 1, 2010 in subsection (b) and inserting January 1, 2005, and

(3)

by striking December 31, 2020 in subsection (b)(1) and inserting December 31, 2014.

(b)

Generation-Skipping transfer tax repeal

Section 2664 of such Code (relating to termination) is amended by striking December 31, 2009 and inserting December 31, 2004.

(c)

Conforming amendments

(1)

The table contained in section 2010(c) of such Code is amended—

(A)

by striking and 2005,

(B)

by inserting a period after $1,500,000, and

(C)

by striking the last 2 items.

(2)

Section 1014(f) of such Code is amended by striking December 31, 2009 and inserting December 31, 2004.

(3)

Section 1022 of such Code is amended—

(A)

by striking December 31, 2009 in the heading and in subsection (a)(1) and inserting December 31, 2004, and

(B)

in subsection (d)(4)(A)—

(i)

by striking 2010 and inserting 2005, and

(ii)

by striking 2009 in clause (ii) and inserting 2004.

(4)

The table contained in section 2001(c)(2)(B) of such Code is amended—

(A)

by inserting a period after 48 percent, and

(B)

by striking the last 3 items.

(5)

Section 2001(c)(2)(A) of such Code is amended by striking 2010 and inserting 2005.

(6)

The item in the table of sections for part II of subchapter O of chapter 1 of such Code relating to section 1022 is amended by striking December 31, 2009 and inserting December 31, 2004.

(7)

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, 2004.

(8)

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, 2004.

(9)

Paragraph (2) of section 521(e) 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, 2004.

(10)

Subsection (f) of section 542 of the Economic Growth and Tax Relief Reconciliation Act of 2001 (Public Law 107–16) is amended by striking December 31, 2009 each place it appears and inserting December 31, 2004.

(d)

Effective date

The amendments made by this section shall apply to estates of decedents dying, gifts made, and generation skipping transfers after December 31, 2004.

3.

Permanent repeal of estate taxes

Section 901 of the Economic Growth and Tax Relief Reconciliation Act of 2001 is amended by striking this Act and all that follows through 2010. in subsection (a) and inserting this Act (other than title V) shall not apply to taxable, plan, or limitation years beginning after December 31, 2010., and by striking , estates, gifts, and transfers in subsection (b).