Another Estate Tax Bill Introduced in the House

On Oct. 22, 2009, Representative Berkley (D-NY) introduced H.R. 3905, which would “amend the Internal Revenue Code of 1986 to repeal the 1-year termination of the estate tax, to increase the estate and gift tax unified credit, and to coordinate a reduction in the maximum rate of tax with a phaseout of the deduction for State death taxes.”  

Specifically, the bill would increase the the lifetime estate tax exclusion amount from $3.5 million in 2009 to $5 million in 2019.  The bill would also decrease the estate tax rate from 45% in 2009 to 35% in 2019.

For more information, see the text of the bill.  

Special thanks to Hani Sarji (LL.M. Candidate, New York Law School) for bringing this to my attention.