Amendment ID: S2397-7-R3

3rd Redraft Amendment 7

Estate Tax III

Messrs. Fattman, O'Connor and Tarr move that the proposed new text be amended by striking out in line 183 of section 29 the following figure:-“$2,000,000” and inserting in place thereof the following:-“$3,000,000”

Moves to further amend by inserting after section 29 (g) the following new subsections:-

(h) For the estates of decedents dying on or after January 1, 2028, a credit shall be allowed against the tax imposed by subsections (a) and (b) equal to the amount of such tax; provided, however, that the credit shall not exceed $199,200.

(i) The estates of decedents dying on or after January 1, 2028 shall not be required to pay any tax under subsections (a) and (b) if the value of the federal taxable estate is not more than $4,000,000.

(j) For the estates of decedents dying on or after January 1, 2033, a credit shall be allowed against the tax imposed by subsections (a) and (b) equal to the amount of such tax; provided, however, that the credit shall not exceed $249,000.

(k) The estates of decedents dying on or after January 1, 2033 shall not be required to pay any tax under subsections (a) and (b) if the value of the federal taxable estate is not more than $5,000,000.

Moves to further amend by inserting after section _ the following new sections:-

SECTION 42. SECTION 40 is hereby repealed on January 1, 2028

SECTION 43. SECTION 28 and SECTION 29 (h) and (i) shall take effect for the estates of decedents dying on or after January 1, 2028

SECTION 44 SECTION 43 is hereby repealed as of January 1, 2033

SECTION 45. SECTION 28 and SECTION 29 (j) and (k) shall take effect for the estates of decedents dying on or after January 1, 2033