H.R.3905 - Estate Tax Relief Act of 2009111th Congress (2009-2010)
|Sponsor:||Rep. Berkley, Shelley [D-NV-1] (Introduced 10/22/2009)|
|Committees:||House - Ways and Means|
|Latest Action:||10/22/2009 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.3905 — 111th Congress (2009-2010)All Information (Except Text)
Introduced in House (10/22/2009)
Estate Tax Relief Act of 2009 - Repeals provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) eliminating the tax on estates and generation-skipping transfers and the step-up in basis provisions for property acquired from a decedent for estates of decedents dying after 2009. Declares that the sunset provision (general terminating date of December 10, 2010) of EGTRRA shall not apply to title V of such Act (Estate, Gift, and Generation-Skipping Transfer Tax Provisions).
Amends the Internal Revenue Code to: (1) allow annual increases in the estate tax exclusion amount until it reaches $5 million in 2019 and inflation adjustments to such amount after 2019; and (2) phase in annual reductions in the estate tax rate between 2009 and 2019 (45% to 35% in 2019 and thereafter) and eliminate the deduction for state estate, inheritance, legacy, or succession taxes over the same period.