← Back to Bills
H.R. 3841House111th Congress (2009-2011)In Committee

Small Business and Family Farm Estate Tax Relief Act of 2009

Sponsored by Kurt SchraderRep. Kurt Schrader (D-OR)
Introduced October 15, 2009

Legislative Activity

Stay on top of the latest movement without scrolling through every action

1 earlier action
HouseIntro Referral Latest Action

Referred to the House Committee on Ways and Means.

Ways and Means Committee

October 15, 2009

View full timeline
HouseIntro Referral

Introduced in House

October 15, 2009

HouseIntro Referral

Referred to the House Committee on Ways and Means.

Ways and Means Committee

October 15, 2009

Bill Text

Latest available legislative text

Reading Mode
Latest
Raw Text PDF XML
Introduced in HouseIssued October 15, 2009

I

111th CONGRESS

1st Session

H. R. 3841

IN THE HOUSE OF REPRESENTATIVES

October 15, 2009

Mr. Schrader 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 repeal carryover basis for decedents dying in 2009, to increase the estate tax exemption to $5,000,000, and to reduce the maximum estate and gift tax rate to 45 percent.

1.

Short title

This Act may be cited as the Small Business and Family Farm Estate Tax Relief Act of 2009.

2.

Retention of estate tax; repeal of carryover basis

(a)

In general

Subtitles A and E of title V of the Economic Growth and Tax Relief Reconciliation Act of 2001, and the amendments made by such subtitles, are hereby repealed; and the Internal Revenue Code of 1986 shall be applied as if such subtitles, and amendments, had never been enacted.

(b)

Sunset not To apply

Section 901 of the Economic Growth and Tax Relief Reconciliation Act of 2001 shall not apply to title V of such Act.

(c)

Conforming amendments

Subsections (d) and (e) of section 511 of the Economic Growth and Tax Relief Reconciliation Act of 2001, and the amendments made by such subsections, are hereby repealed; and the Internal Revenue Code of 1986 shall be applied as if such subsections, and amendments, had never been enacted.

3.

Modifications to estate and gift tax

(a)

$5,000,000 applicable exclusion amount

Subsection (c) of section 2010 of the Internal Revenue Code of 1986 (relating to applicable credit amount) is amended by striking all that follows the applicable exclusion amount and inserting . For purposes of the preceding sentence, the applicable exclusion amount is $5,000,000..

(b)

Freeze maximum estate and gift tax rates at 45 percent

Paragraph (1) of section 2001(c) of such Code is amended by striking the last 3 items in the table and inserting the following new item:

Over $1,500,000$555,800, plus 45 percent of the excess of such amount over $1,500,000.

.

(c)

Effective date

The amendments made by this section shall apply to estates of decedents dying, and gifts made, after December 31, 2009.