- Not enactedThe President has not signed this bill
- The house has not voted
- The senate has not voted
Committee on FinanceIntroducedNovember 17th, 2009
- senate Committees
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A bill to amend the Internal Revenue Code of 1986 to permanently extend the estate tax as in effect in 2009, and for other purposes.
Amends the Internal Revenue Code to: (1) establish a permanent estate tax exclusion of $3.5 million ($7 million for married couples filing joint tax returns) and a maximum 45% tax rate for decedents dying, generation-skipping transfers, and gifts made, after December 31, 2009; (2) allow an annual inflation adjustment to the exclusion amount after 2010; and (3) allow a surviving spouse an increase in the estate tax exclusion by the unused exclusion amount of a deceased spouse. Expresses the sense of the Senate that any reduction in federal revenues resulting from this Act should be fully offset.