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H.R.4885

Rural America Prosperity Act of 2000 (Introduced in the House)

`Sec. 468C. Farm and Ranch Risk Management Accounts.'.

Subtitle B--Estate and Gift Tax Relief

SEC. 111. REPEAL OF ESTATE, GIFT, AND GENERATION-SKIPPING TAXES.

SEC. 112. TERMINATION OF STEP UP IN BASIS AT DEATH .

SEC. 113. CARRYOVER BASIS AT DEATH .

`SEC. 1022. CARRYOVER BASIS FOR CERTAIN PROPERTY ACQUIRED FROM A DECEDENT DYING AFTER DECEMBER 31, 2009.

`Sec. 1022. Carryover basis for certain property acquired from a decedent dying after December 31, 2009.'.

SEC. 114. ADDITIONAL REDUCTIONS OF ESTATE AND GIFT TAX RATES.

`Over $2,500,000


$1,025,800, plus 50% of the excess over $2,500,000.'.

--The number of

`For calendar year:

--percentage points is:

--1.0

--2.0

--3.0

--4.0

--5.5

--7.5

--9.5.

SEC. 115. UNIFIED CREDIT AGAINST ESTATE AND GIFT TAXES REPLACED WITH UNIFIED EXEMPTION AMOUNT.

`In the case of

--The exemption

calendar year:

--amount is:

2001

--$675,000

2002 and 2003

--$700,000

2004

--$850,000

2005

--$950,000

2006 or thereafter

--$1,000,000.


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