Jobs Protection and Estate Tax Reform Act of 2005

Jobs Protection and Estate Tax Reform Act of 2005 - Amends the Internal Revenue Code to accelerate the repeal of the tax on estates and generation-skipping transfers to January 1, 2005, and to make such repeal permanent.

[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 988 Introduced in Senate (IS)]







109th CONGRESS
  1st Session
                                 S. 988

   To permanently repeal the estate and generation-skipping transfer 
                                 taxes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 10, 2005

 Mr. Sessions (for himself, Mr. Ensign, Mr. Martinez, Mr. Cornyn, Mr. 
 Allen, Mr. Hatch, Mrs. Hutchison, Mr. Lott, Mr. Isakson, Mr. Cochran, 
  Mr. Bunning, Mr. Burns, Mr. Coburn, Mr. Chambliss, Mr. Inhofe, Mr. 
  Enzi, Mr. Crapo, Mr. Craig, Mr. Graham, Mr. Vitter, Mr. Thune, Mr. 
 Alexander, Mr. Sununu, and Mr. Allard) introduced the following bill; 
     which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
   To permanently repeal the estate and generation-skipping transfer 
                                 taxes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Jobs Protection and Estate Tax 
Reform Act of 2005''.

SEC. 2. REPEAL OF ESTATE AND GENERATION-SKIPPING TRANSFER TAXES 
              ACCELERATED TO 2005.

    (a) Estate Tax Repeal.--Section 2210 of the Internal Revenue Code 
of 1986 (relating to termination) is amended--
            (1) by striking ``December 31, 2009'' and inserting 
        ``December 31, 2004'' both places it appears,
            (2) by striking ``January 1, 2010'' in subsection (b) and 
        inserting ``January 1, 2005'', and
            (3) by striking ``December 31, 2020'' in subsection (b)(1) 
        and inserting ``December 31, 2014''.
    (b) Generation-Skipping Transfer Tax Repeal.--Section 2664 of such 
Code (relating to termination) is amended by striking ``December 31, 
2009'' and inserting ``December 31, 2004''.
    (c) Conforming Amendments.--
            (1) The table contained in section 2010(c) of such Code is 
        amended--
                    (A) by striking ``and 2005'',
                    (B) by inserting a period after ``$1,500,000'', and
                    (C) by striking the last 2 items.
            (2) Section 1014(f) of such Code is amended by striking 
        ``December 31, 2009'' and inserting ``December 31, 2004''.
            (3) Section 1022 of such Code is amended--
                    (A) by striking ``December 31, 2009'' in the 
                heading and in subsection (a)(1) and inserting 
                ``December 31, 2004'', and
                    (B) in subsection (d)(4)(A)--
                            (i) by striking ``2010'' and inserting 
                        ``2005'', and
                            (ii) by striking ``2009'' in clause (ii) 
                        and inserting ``2004''.
            (4) The table contained in section 2001(c)(2)(B) of such 
        Code is amended--
                    (A) by inserting a period after ``48 percent'', and
                    (B) by striking the last 3 items.
            (5) Section 2001(c)(2)(A) of such Code is amended by 
        striking ``2010'' and inserting ``2005''.
            (6) The item in the table of sections for part II of 
        subchapter O of chapter 1 of such Code relating to section 1022 
        is amended by striking ``December 31, 2009'' and inserting 
        ``December 31, 2004''.
            (7) Section 501(d) of the Economic Growth and Tax Relief 
        Reconciliation Act of 2001 (Public Law 107-16) is amended by 
        striking ``December 31, 2009'' and inserting ``December 31, 
        2004''.
            (8) Paragraph (3) of section 511(f) of the Economic Growth 
        and Tax Relief Reconciliation Act of 2001 (Public Law 107-16) 
        is amended by striking ``December 31, 2009'' and inserting 
        ``December 31, 2004''.
            (9) Paragraph (2) of section 521(e) of the Economic Growth 
        and Tax Relief Reconciliation Act of 2001 (Public Law 107-16) 
        is amended by striking ``December 31, 2009'' and inserting 
        ``December 31, 2004''.
            (10) Subsection (f) of section 542 of the Economic Growth 
        and Tax Relief Reconciliation Act of 2001 (Public Law 107-16) 
        is amended by striking ``December 31, 2009'' each place it 
        appears and inserting ``December 31, 2004''.
    (d) Effective Date.--The amendments made by this section shall 
apply to estates of decedents dying, gifts made, and generation 
skipping transfers after December 31, 2004.

SEC. 3. PERMANENT REPEAL OF ESTATE TAXES.

    Section 901 of the Economic Growth and Tax Relief Reconciliation 
Act of 2001 is amended by striking ``this Act'' and all that follows 
through ``2010.'' in subsection (a) and inserting ``this Act (other 
than title V) shall not apply to taxable, plan, or limitation years 
beginning after December 31, 2010.'', and by striking ``, estates, 
gifts, and transfers'' in subsection (b).
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