Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Wednesday, October 21, 2009

New Federal Estate Tax Bill Introduced in House

Estate tax 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.


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Notice that the descriptive part of the bill refers to repealing carryover basis for decedents dying in 2009. Under current law, carryover basis only would apply to decedents dying in 2010. Oops!

Posted by: Greg Herman-Giddens | Oct 23, 2009 12:41:27 PM

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