S 1342 IS
106th CONGRESS
1st Session
S. 1342
To repeal the Federal estate and gift taxes and the tax on
generation-skipping transfers.
IN THE SENATE OF THE UNITED STATES
July 1, 1999
Mr. ALLARD introduced the following bill; which was read twice and referred
to the Committee on Finance
A BILL
To repeal the Federal estate and gift taxes and the tax on
generation-skipping transfers.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled,
SECTION 1. REPEAL OF FEDERAL TRANSFER TAXES.
(a) IN GENERAL- Subtitle B of the Internal Revenue Code of 1986 is
repealed.
(b) EFFECTIVE DATE- The repeal made by subsection (a) shall apply to the
estates of decedents dying, and gifts and generation-skipping transfers made,
after the date of enactment of this Act.
(c) TECHNICAL AND CONFORMING CHANGES- The Secretary of the Treasury or the
Secretary's delegate shall, as soon as practicable but in any event not later
than 90 days after the date of enactment of this Act, submit to the Committee
on Ways and Means of the House of Representatives and the Committee on Finance
of the Senate a draft of any technical and conforming changes in the Internal
Revenue Code of 1986 which are necessary to reflect throughout such Code the
changes in the substantive provisions of law made by this Act.
END