,i #aafth ,,congress #ast ,session ,h4 ,r4 #bah ,,in ,,the ,,house ,,of ,,representatives ,january #c1 #bjai,mr4 ,smith of ,missouri 7for himself1 ,mr4 ,bishop of ,georgia1 ,mr4 ,king of ,iowa1 ,mr4 ,barr1 ,mr4 ,estes1 ,mr4 ,david ,p4 ,roe of ,tennessee1 ,mr4 ,des,jarlais1 ,mr4 ,westerman1 ,mr4 ,gibbs1 ,mr4 ,duncan1 ,mr4 ,abraham1 ,mr4 ,yoho1 ,mr4 ,bishop of ,utah1 ,mr4 ,collins of ,new ,york1 ,mr4 ,bost1 ,mr4 ,budd1 ,mr4 ,austin ,scott of ,georgia1 ,mr4 ,la,hood1 ,ms4 ,foxx of ,north ,carolina1 ,mr4 ,long1 ,mr4 ,davidson of ,ohio1 ,mr4 ,banks1 ,mr4 ,bacon1 ,mr4 ,hill of ,arkansas1 ,mrs4 ,roby1 ,mr4 ,biggs1 ,mr4 ,young1 ,ms4 ,cheney1 ,mr4 ,mitchell1 ,mr4 ,womack1 ,mr4 ,crawford1 ,mr4 ,bilirakis1 ,mr4 ,perry1 ,mr4 ,buck1 ,mr4 ,guthrie1 ,mr4 ,smith of ,nebraska1 ,mr4 ,higgins of ,louisiana1 and ,mrs4 ,mc,morris ,rodgers7 introduced the following bill2 which was referred to the ,committee on ,ways and ,means ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to repeal the estate and generation-skipping transfer taxes4 #a4 ,short title ,this ,act may be cited as the ,death ,tax ,repeal ,act4 #b4 ,repeal of estate and generation-skipping transfer taxes 7a7 ,estate tax repeal 7#a7 ,in general ,subchapter ,c of chapter #aa of subtitle ,b of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new section3 #bbaj4 ,termination 7a7 ,in general ,except as provided in subsection 7b71 this chapter shall not apply to the estates of decedents dying on or after the date of the enactment of the ,death ,tax ,repeal ,act4 7b7 ,certain ,distributions ,from ,qualified ,domestic ,trusts ,in applying section #bjef;,a with respect to the surviving spouse of a decedent dying before the date of the enactment of the ,death ,tax ,repeal ,act-- 7#a7 section #bjef;,a7b77#a77;,a7 shall not apply to distributions made after the #aj-year period beginning on such date1 and 7#b7 section #bjef;,a7b77#a77;,b7 shall not apply on or after such date4 4 7#b7 ,clerical amendment ,the table of sections for subchapter ,c of chapter #aa of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new item3 ,sec4 #bbaj4 ,termination4 4 7b7 ,generation-,skipping transfer tax repeal 7#a7 ,in general ,subchapter ,g of chapter #ac of subtitle ,b of such ,code is amended by adding at the end the following new section3 #bffd4 ,termination ,this chapter shall not apply to generation-skipping transfers on or after the date of the enactment of the ,death ,tax ,repeal ,act4 4 7#b7 ,clerical amendment ,the table of sections for subchapter ,g of chapter #ac of such ,code is amended by adding at the end the following new item3 ,sec4 #bffd4 ,termination4 4 7c7 ,conforming amendments related to gift tax 7#a7 ,computation of gift tax ,subsection 7a7 of section #bejb of the ,internal ,revenue ,code of #aihf is amended to read as follows3 7a7 ,computation of tax 7#a7 ,in general ,the tax imposed by section #beja for each calendar year shall be an amount equal to the excess of-- 7,a7 a tentative tax1 computed under paragraph 7#b71 on the aggregate sum of the taxable gifts for such calendar year and for each of the preceding calendar periods1 over 7,b7 a tentative tax1 computed under paragraph 7#b71 on the aggregate sum of the taxable gifts for each of the preceding calendar periods4 7#b7 ,rate schedule ,if the amount with respect to which the tentative tax to be computed is3,the tentative tax is3 ,not over #aj1jjjah of such amount4 ,over #aj1jjj but not over #bj1jjja1hjj1 plus #bj of the excess over #aj1jjj4 ,over #bj1jjj but not over #dj1jjjc1hjj1 plus #bb of the excess over #bj1jjj4 ,over #dj1jjj but not over #fj1jjjh1bjj1 plus #bd of the excess over #dj1jjj4 ,over #fj1jjj but not over #hj1jjjac1jjj1 plus #bf of the excess over #fj1jjj4 ,over #hj1jjj but not over #ajj1jjjah1bjj1 plus #bh of the excess over #hj1jjj4 ,over #ajj1jjj but not over #aej1jjjbc1hjj1 plus #cj of the excess over #ajj1jjj4 ,over #aej1jjj but not over #bej1jjjch1hjj1 plus #cb of the excess of #aej1jjj4 ,over #bej1jjj but not over #ejj1jjjgj1hjj1 plus #cd of the excess over #bej1jjj4 ,over #ejj1jjjaee1hjj1 plus #ce of the excess of #ejj1jjj4 4 7#b7 ,lifetime gift exemption 7,a7 ,in general ,paragraph 7#a7 of section #beje7;a7 of the ,internal ,revenue ,code of #aihf is amended to read as follows3 7#a7 the amount of the tentative tax which would be determined under the rate schedule set forth in section #bejb7;a77#b7 if the amount with respect to which such tentative tax is to be computed were #aj1jjj1jjj1 reduced by 4 7,b7 ,inflation adjustment ,section #beje of such ,code is amended by adding at the end the following new subsection3 7d7 ,inflation adjustment 7#a7 ,in general ,in the case of any calendar year after #bjaa1 the dollar amount in subsection 7a77#a7 shall be increased by an amount equal to-- 7,a7 such dollar amount1 multiplied by 7,b7 the cost-of-living adjustment determined under section #a7;f77#c7 for such calendar year by substituting calendar year #bjaj for calendar year #bjaf in subparagraph 7,a77ii7 thereof4 7#b7 ,rounding ,if any amount as adjusted under paragraph 7#a7 is not a multiple of #aj1jjj1 such amount shall be rounded to the nearest multiple of #aj1jjj4 4 7#c7 ,other conforming amendments related to gift tax 7,a7 ,the heading for section #beje of such ,code is amended by striking ,unified4 7,b7 ,the item in the table of sections for subchapter ,a of chapter #ab of such ,code relating to section #beje is amended to read as follows3 ,sec4 #beje4 ,credit against gift tax4 4 7,c7 ,section #bhja7;a77#a7 of such ,code is amended by striking section #bjja7;c7 as in effect on the date of such receipt and inserting section #bejb7;a77#b74 7d7 ,effective date ,the amendments made by this section shall apply to estates of decedents dying1 generation-skipping transfers1 and gifts made1 on or after the date of the enactment of this ,act4 7e7 ,transition rule 7#a7 ,in general ,for purposes of applying sections #ajae7;d71 #bejb1 and #beje of the ,internal ,revenue ,code of #aihf1 the calendar year in which this ,act is enacted shall be treated as two separate calendar years one of which ends on the day before the date of the enactment of this ,act and the other of which begins on such date of enactment4 7#b7 ,application of section #bejd7;b7 ,for purposes of applying section #bejd7;b7 of the ,internal ,revenue ,code of #aihf1 the calendar year in which this ,act is enacted shall be treated as one preceding calendar period4