New Bills Aim to Restore Estate Tax in 2010

On October 22nd, Rep. Berkley (D-NY) introduced H.R. 3905 to "amend the Internal Revenue Code of 1986 to repeal the 1-year termination of the estate tax, to increase the estate and gift tax unified credit, and to coordinate a reduction in the maximum rate of tax with a phaseout of the deduction for State death taxes."

  • The bill increases the federal estate tax exemption from $3,650,000 in 2010 to $5,000,000 in 2019 and thereafter.  The bill decreases the maximum tax rate from 44% in 2010 to 35% in 2019 and thereafter.

On October 15, 2009, Rep. Schrader (D-OR) introduced H.R. 3841 (pdf) "[t]o 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."

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New York Probate & Estate Litigation Blog - November 2, 2009 11:02 AM
As reported today by fellow lawblogger Karen Meckstroth in her Bay Area Wills, Trusts And Probate Report Blog two Representatives have filed different bills to amend the Internal Revenue Code and to restore the estate tax which would otherwise terminat...
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