H.R. 3886 — Introduced in House

I 115th CONGRESS 1st Session H. R. 3886 IN THE HOUSE OF REPRESENTATIVES September 28, 2017Mr. Austin Scott of Georgia 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 credit against the estate and gift tax and to simplify the estate and gift tax rates. 1. Estate and gift tax reforms (a) Increase in unified credit (1) In general Section 2010(c)(3)(A) of the Internal Revenue Code of 1986 is amended by striking $5,000,000 and inserting $50,000,000. (2) Inflation adjustment Section 2010(c)(3)(B) of such Code is amended— (A) by striking 2011 in the matter preceding clause (i) and inserting 2017; and (B) by striking 2010 in clause (ii) and inserting 2016. (b) Simplification of rates Section 2001(c) of such Code is amended to read as follows: (c) Tentative tax The tentative tax computed under this subsection is 20 percent of the amount with respect to which such tentative tax is to be computed. . (c) Effective date The amendments made by this section shall apply to decedents dying, and gifts made, after the date of the enactment of this section.