New Federal Estate Tax Bill Introduced in House

On October 15, 2009, Rep. Schrader (D. Oregon) introduced H.R. 3841, a bill “[t]o amend the Internal Revenue Code of 1986 to repeal carryover basis for decedents dying in 2009, to increase the estate tax exemption to $5,000,000, and to reduce the maximum estate and gift tax rate to 45 percent.” 

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