HR 3074 IH
106th CONGRESS
1st Session
H. R. 3074
To repeal the Federal estate and gift taxes and the alternative
minimum tax on individuals and corporations.
IN THE HOUSE OF REPRESENTATIVES
October 14, 1999
Mr. COOK introduced the following bill; which was referred to the Committee
on Ways and Means
A BILL
To repeal the Federal estate and gift taxes and the alternative
minimum tax on individuals and corporations.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled,
SECTION 1. REPEAL OF ESTATE AND GIFT TAXES.
(a) IN GENERAL- Subtitle B (relating to estate, gift, and
generation-skipping taxes) of the Internal Revenue Code of 1986 is hereby
repealed.
(b) EFFECTIVE DATE- The repeal made by subsection (a) shall apply to
estates of decedents dying, gifts made, and generation-skipping transfers made
after December 31, 2004.
SEC. 2. REPEAL OF ALTERNATIVE MINIMUM TAX.
(a) IN GENERAL- Subsection (a) of section 55 is amended by adding at the
end the following new flush sentence:
`For purposes of this title, the tentative minimum tax for any taxable
year beginning after December 31, 2004, shall be zero.'
(b) REDUCTION OF TAX PRIOR TO REPEAL- Section 55 of such Code is amended
by adding at the end the following new subsection:
`(1) IN GENERAL- The tax imposed by this section for any taxable year
beginning after December 31, 1999, and before January 1, 2005, shall be the
applicable percentage of the tax which would be imposed but for this
subsection.
`(2) APPLICABLE PERCENTAGE- For purposes of paragraph (1), the
applicable percentage shall be determined in accordance with the following
table:
`For taxable years beginning
--The applicable
--percentage is--
2000
--80
2001
--70
2002
--60
2003 or 2004
--50.'.
(d) EFFECTIVE DATE- The amendments made by this section shall apply to
taxable years beginning after December 31, 1999.
END