To amend the Internal Revenue Code of 1986 to make permanent the increase in the estate and gift tax exemption made by Public Law 115-97.

This bill amends the Internal Revenue Code to make permanent the $10 million exemption amount for the estate and gift tax. (Under current law, the exemption amount has been temporarily increased from $5 million to $10 million for decedents dying or gifts made after December 31, 2017, and before January 1, 2026. The amount is indexed for inflation after 2011.)

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6228 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 6228

   To amend the Internal Revenue Code of 1986 to make permanent the 
 increase in the estate and gift tax exemption made by Public Law 115-
                                  97.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 26, 2018

 Mr. Marchant 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 make permanent the 
 increase in the estate and gift tax exemption made by Public Law 115-
                                  97.

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

SECTION 1. INCREASE IN ESTATE AND GIFT TAX EXEMPTION MADE PERMANENT.

    (a) In General.--Section 2010(c)(3) of the Internal Revenue Code of 
1986 is amended in subparagraph (A), by striking ``$5,000,000'' and 
inserting ``$10,000,000''.
    (b) Conforming Amendments.--
            (1) Section 2001(g) of such Code is amended to read as 
        follows:
    ``(g) Modifications to Gift Tax Payable To Reflect Different Tax 
Rates.--For purposes of applying subsection (b)(2) with respect to 1 or 
more gifts, the rates of tax under subsection (c) in effect at the 
decedent's death shall, in lieu of the rates of tax in effect at the 
time of such gifts, be used both to compute--
            ``(1) the tax imposed by chapter 12 with respect to such 
        gifts, and
            ``(2) the credit allowed against such tax under section 
        2505, including in computing--
                    ``(A) the applicable credit amount under section 
                2505(a)(1), and
                    ``(B) the sum of the amounts allowed as a credit 
                for all preceding periods under section 2505(a)(2).''.
            (2) Section 2010(c)(3) of such Code is amended by striking 
        subparagraph (C).
    (c) Effective Date.--The amendments made by this section shall 
apply to estates of decedents dying and gifts made after December 31, 
2017.
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