Summary: H.R.3508 — 114th Congress (2015-2016)All Information (Except Text)

There is one summary for H.R.3508. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (09/15/2015)

American Solution for Simplifying the Estate Tax Act of 2015

This bill amends the Internal Revenue Code to: (1) allow taxpayers an election to make annual payments of 1% of their modified adjusted gross income for a minimum seven-year period in lieu of existing estate and generation-skipping transfer taxes, (2) allow a step-up in basis for estate property of a taxpayer making an election under this Act, and (3) set forth requirements for the filing of an estate tax return by taxpayers who have made an election under this Act.