There is one summary for this bill. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (06/26/2003)

Repeals subtitles A (Repeal of Estate and Generation-Skipping Transfer Taxes) and E (Carryover Basis at Death; Other Changes Taking Effect With Repeal) of title V (Estate, Gift, and Generation-Skipping Transfer Tax Provisions) of the Economic Growth and Tax Relief Reconciliation Act of 2001. Makes the sunset provisions of such Act inapplicable to the remainder of title V.

Reduces estate and gift tax rates to the lesser of 15 percent or the applicable capital gains rate.

Sets a unified estate and gift tax credit of $5 million.