To amend the Internal Revenue Code of 1986 to increase the unified estate and gift tax credit to an amount equivalent to a $1,200,000 exemption.

Amends the Internal Revenue Code to: (1) increase the unified credit against the estate tax and the unified credit against the gift tax; and (2) require an estate tax return in cases where the gross estate exceeds $1.2 million (currently $600,000).

[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1110 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 1110

  To amend the Internal Revenue Code of 1986 to increase the unified 
  estate and gift tax credit to an amount equivalent to a $1,200,000 
                               exemption.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 24, 1993

Mr. Livingston introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to increase the unified 
  estate and gift tax credit to an amount equivalent to a $1,200,000 
                               exemption.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. INCREASE IN UNIFIED ESTATE AND GIFT TAX CREDIT.

    (a) General Rule.--Sections 2010(a) and 2505(a)(1) of the Internal 
Revenue Code of 1986 are each amended by striking ``$192,800'' and 
inserting ``$427,800''.
    (b) Filing Requirement.--Paragraph (1) of section 6018(a) of such 
Code is amended by striking ``$600,000'' and inserting ``$1,200,000''.
    (c) Effective Date.--The amendments made by this section shall 
apply to the estates of decedents dying, and gifts made, after the date 
of the enactment of this Act.

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