S.3626 - Estate Tax Relief and Reform Act of 2006109th Congress (2005-2006)
|Sponsor:||Sen. Landrieu, Mary L. [D-LA] (Introduced 06/29/2006)|
|Committees:||Senate - Finance|
|Latest Action:||06/29/2006 Read twice and referred to the Committee on Finance.|
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Summary: S.3626 — 109th Congress (2005-2006)All Bill Information (Except Text)
Introduced in Senate (06/29/2006)
Estate Tax Relief and Reform Act of 2006 - Amends the Internal Revenue Code to: (1) increase the estate tax exclusion to $5 million in 2010; (2) adjust such exclusion amount for inflation; (3) impose a flat 35% estate tax rate; (4) increase to $5 million the reduction in fair market value for certain inherited farm and business property; and (5) increase to $2.5 million the maximum estate tax deduction for family-owned business interests and make such deduction permanent.
Provides that the general termination date of the Economic Growth and Tax Relief Reconciliation Act of 2001 (i.e., December 31, 2010) shall not apply to its estate, gift, and generation-skipping transfer tax provisions that are not amended by this Act.