,i #aaf? ,,congress #a/ ,session ,h4 ,r4 #bah ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,janu>y #c1 #bjai,mr4 ,smi? ( ,miss\ri 7= himself1 ,mr4 ,bi%op ( ,georgia1 ,mr4 ,k+ ( ,i[a1 ,mr4 ,b>r1 ,mr4 ,e/es1 ,mr4 ,david ,p4 ,roe ( ,t5nessee1 ,mr4 ,des,jarlais1 ,mr4 ,we/]man1 ,mr4 ,gibbs1 ,mr4 ,duncan1 ,mr4 ,abraham1 ,mr4 ,yoho1 ,mr4 ,bi%op ( ,utah1 ,mr4 ,coll9s ( ,new ,york1 ,mr4 ,bo/1 ,mr4 ,budd1 ,mr4 ,au/9 ,scott ( ,georgia1 ,mr4 ,la,hood1 ,ms4 ,foxx ( ,nor? ,c>ol9a1 ,mr4 ,long1 ,mr4 ,davidson ( ,ohio1 ,mr4 ,banks1 ,mr4 ,bacon1 ,mr4 ,hill ( ,arkansas1 ,mrs4 ,roby1 ,mr4 ,biggs1 ,mr4 ,"y1 ,ms4 ,*5ey1 ,mr4 ,mit*ell1 ,mr4 ,womack1 ,mr4 ,craw=d1 ,mr4 ,bilirakis1 ,mr4 ,p]ry1 ,mr4 ,buck1 ,mr4 ,gu?rie1 ,mr4 ,smi? ( ,nebraska1 ,mr4 ,higg9s ( ,l\isiana1 & ,mrs4 ,mc,morris ,rodg]s7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,ways & ,means ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to repeal ! e/ate & g5]ation-skipp+ transf] taxes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,dea? ,tax ,repeal ,act4 #b4 ,repeal ( e/ate & g5]ation-skipp+ transf] taxes 7a7 ,e/ate tax repeal 7#a7 ,9 g5]al ,sub*apt] ,c ( *apt] #aa ( subtitle ,b ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new section3 #bbaj4 ,t]m9ation 7a7 ,9 g5]al ,except z provid$ 9 subsection 7b71 ?is *apt] %all n apply to ! e/ates ( dec$5ts dy+ on or aft] ! date ( ! enactm5t ( ! ,dea? ,tax ,repeal ,act4 7b7 ,c]ta9 ,di/ributions ,f ,qualifi$ ,dome/ic ,tru/s ,9 apply+ section #bjef;,a ) respect to ! surviv+ sp\se ( a dec$5t dy+ be=e ! date ( ! enactm5t ( ! ,dea? ,tax ,repeal ,act-- 7#a7 section #bjef;,a7b77#a77;,a7 %all n apply to di/ributions made aft] ! #aj-ye> p]iod beg9n+ on su* date1 & 7#b7 section #bjef;,a7b77#a77;,b7 %all n apply on or aft] su* date4 4 7#b7 ,cl]ical am5dm5t ,! table ( sections = sub*apt] ,c ( *apt] #aa ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new item3 ,sec4 #bbaj4 ,t]m9ation4 4 7b7 ,g5]ation-,skipp+ transf] tax repeal 7#a7 ,9 g5]al ,sub*apt] ,g ( *apt] #ac ( subtitle ,b ( su* ,code is am5d$ by add+ at ! end ! foll[+ new section3 #bffd4 ,t]m9ation ,?is *apt] %all n apply to g5]ation-skipp+ transf]s on or aft] ! date ( ! enactm5t ( ! ,dea? ,tax ,repeal ,act4 4 7#b7 ,cl]ical am5dm5t ,! table ( sections = sub*apt] ,g ( *apt] #ac ( su* ,code is am5d$ by add+ at ! end ! foll[+ new item3 ,sec4 #bffd4 ,t]m9ation4 4 7c7 ,con=m+ am5dm5ts relat$ to gift tax 7#a7 ,computation ( gift tax ,subsection 7a7 ( section #bejb ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ to read z foll[s3 7a7 ,computation ( tax 7#a7 ,9 g5]al ,! tax impos$ by section #beja = ea* cal5d> ye> %all be an am\nt equal to ! excess (-- 7,a7 a t5tative tax1 comput$ "u p>agraph 7#b71 on ! aggregate sum ( ! taxable gifts = su* cal5d> ye> & = ea* ( ! prec$+ cal5d> p]iods1 ov] 7,b7 a t5tative tax1 comput$ "u p>agraph 7#b71 on ! aggregate sum ( ! taxable gifts = ea* ( ! prec$+ cal5d> p]iods4 7#b7 ,rate s*$ule ,if ! am\nt ) respect to :i* ! t5tative tax to be comput$ is3,! t5tative tax is3 ,n ov] #aj1jjjah ( su* am\nt4 ,ov] #aj1jjj b n ov] #bj1jjja1hjj1 plus #bj ( ! excess ov] #aj1jjj4 ,ov] #bj1jjj b n ov] #dj1jjjc1hjj1 plus #bb ( ! excess ov] #bj1jjj4 ,ov] #dj1jjj b n ov] #fj1jjjh1bjj1 plus #bd ( ! excess ov] #dj1jjj4 ,ov] #fj1jjj b n ov] #hj1jjjac1jjj1 plus #bf ( ! excess ov] #fj1jjj4 ,ov] #hj1jjj b n ov] #ajj1jjjah1bjj1 plus #bh ( ! excess ov] #hj1jjj4 ,ov] #ajj1jjj b n ov] #aej1jjjbc1hjj1 plus #cj ( ! excess ov] #ajj1jjj4 ,ov] #aej1jjj b n ov] #bej1jjjch1hjj1 plus #cb ( ! excess ( #aej1jjj4 ,ov] #bej1jjj b n ov] #ejj1jjjgj1hjj1 plus #cd ( ! excess ov] #bej1jjj4 ,ov] #ejj1jjjaee1hjj1 plus #ce ( ! excess ( #ejj1jjj4 4 7#b7 ,lifetime gift exemption 7,a7 ,9 g5]al ,p>agraph 7#a7 ( section #beje7;a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ to read z foll[s3 7#a7 ! am\nt ( ! t5tative tax :i* w\ld be det]m9$ "u ! rate s*$ule set =? 9 section #bejb7;a77#b7 if ! am\nt ) respect to :i* su* t5tative tax is to be comput$ 7 #aj1jjj1jjj1 r$uc$ by 4 7,b7 ,inflation adju/m5t ,section #beje ( su* ,code is am5d$ by add+ at ! end ! foll[+ new subsection3 7d7 ,inflation adju/m5t 7#a7 ,9 g5]al ,9 ! case ( any cal5d> ye> aft] #bjaa1 ! doll> am\nt 9 subsection 7a77#a7 %all be increas$ by an am\nt equal to-- 7,a7 su* doll> am\nt1 multipli$ by 7,b7 ! co/-(-liv+ adju/m5t det]m9$ "u section #a7;f77#c7 = su* cal5d> ye> by sub/itut+ cal5d> ye> #bjaj = cal5d> ye> #bjaf 9 subp>agraph 7,a77ii7 !re(4 7#b7 ,r\nd+ ,if any am\nt z adju/$ "u p>agraph 7#a7 is n a multiple ( #aj1jjj1 su* am\nt %all be r\nd$ to ! ne>e/ multiple ( #aj1jjj4 4 7#c7 ,o!r con=m+ am5dm5ts relat$ to gift tax 7,a7 ,! head+ = section #beje ( su* ,code is am5d$ by /rik+ ,unifi$4 7,b7 ,! item 9 ! table ( sections = sub*apt] ,a ( *apt] #ab ( su* ,code relat+ to section #beje is am5d$ to read z foll[s3 ,sec4 #beje4 ,cr$it aga9/ gift tax4 4 7,c7 ,section #bhja7;a77#a7 ( su* ,code is am5d$ by /rik+ section #bjja7;c7 z 9 effect on ! date ( su* receipt & ins]t+ section #bejb7;a77#b74 7d7 ,effective date ,! am5dm5ts made by ?is section %all apply to e/ates ( dec$5ts dy+1 g5]ation-skipp+ transf]s1 & gifts made1 on or aft] ! date ( ! enactm5t ( ?is ,act4 7e7 ,transition rule 7#a7 ,9 g5]al ,= purposes ( apply+ sections #ajae7;d71 #bejb1 & #beje ( ! ,int]nal ,rev5ue ,code ( #aihf1 ! cal5d> ye> 9 :i* ?is ,act is enact$ %all be treat$ z two sep>ate cal5d> ye>s "o ( :i* ends on ! day be=e ! date ( ! enactm5t ( ?is ,act & ! o!r ( :i* beg9s on su* date ( enactm5t4 7#b7 ,application ( section #bejd7;b7 ,= purposes ( apply+ section #bejd7;b7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 ! cal5d> ye> 9 :i* ?is ,act is enact$ %all be treat$ z "o prec$+ cal5d> p]iod4