Bill Summary & Status for the 106th Congress

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S.1128
Sponsor: Sen Kyl, Jon (introduced 5/26/1999)
Latest Major Action: 5/26/1999 Referred to Senate committee
Title: A bill to amend the Internal Revenue Code of 1986 to repeal the Federal estate and gift taxes and the tax on generation-skipping transfers, to provide for a carryover basis at death, and to establish a partial capital gains exclusion for inherited assets.
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TITLE(S):  (italics indicate a title for a portion of a bill)
STATUS: (color indicates Senate actions) (Floor Actions/Congressional Record Page References)
5/26/1999:
Read twice and referred to the Committee on Finance.
COMMITTEE(S):
RELATED BILL DETAILS:

***NONE***

AMENDMENT(S):

***NONE***

COSPONSORS(30), ALPHABETICAL [followed by Cosponsors withdrawn]:     (Sort: by date)

Sen Bayh, Evan - 3/21/2000 Sen Bennett, Robert F. - 7/19/1999
Sen Breaux, John B. - 5/26/1999 Sen Bunning, Jim - 2/3/2000
Sen Burns, Conrad R. - 6/19/2000 Sen Cleland, Max - 3/7/2000
Sen Cochran, Thad - 6/14/2000 Sen Collins, Susan M. - 6/28/1999
Sen Coverdell, Paul - 1/26/2000 Sen DeWine, Michael - 3/7/2000
Sen Gorton, Slade - 2/3/2000 Sen Gramm, Phil - 5/26/1999
Sen Grams, Rod - 6/19/2000 Sen Gregg, Judd - 8/2/1999
Sen Hutchinson, Y. Tim - 6/17/1999 Sen Kerrey, J. Robert - 5/26/1999
Sen Landrieu, Mary L. - 2/28/2000 Sen Lincoln, Blanche - 6/17/1999
Sen Lott, Trent - 6/8/1999 Sen Mack, Connie - 5/26/1999
Sen Miller, Zell - 9/28/2000 Sen Murray, Patty - 6/14/2000
Sen Nickles, Don - 5/26/1999 Sen Robb, Charles S. - 5/26/1999
Sen Sessions, Jeff - 2/28/2000 Sen Shelby, Richard C. - 3/21/2000
Sen Smith, Bob - 6/30/2000 Sen Snowe, Olympia J. - 2/28/2000
Sen Thomas, Craig - 6/19/2000 Sen Wyden, Ron - 8/2/1999

SUMMARY AS OF:
5/26/1999--Introduced.

Estate Tax Elimination Act of 1999 - Amends the Internal Revenue Code to eliminate Federal estate, gift, and transfer taxes.

Eliminates the step-up in basis with respect to property acquired from a decedent.

Establishes the basis for qualifying property acquired from a decedent (carryover basis property) as the property's initial basis increased by its allowable share of the decedent's allowance, as provided for in this Act. Describes noncarryover basis property. Authorizes a limited tangible personal property exclusion.

Provides an additional exclusion for family-owned businesses and farms. Makes a nonresident who is not a U.S. citizen ineligible for basis adjustment based upon a decedent's exclusion allowance.

Establishes a binding procedure for determining the initial basis of carryover basis property.

Requires an executor to provide the Secretary of the Treasury and each beneficiary with specified carryover basis property information. Sets forth related noncompliance penalties.