Another Estate Tax Bill Introduced into House

The following information is from Hani Sarji, Rep. Nye [D-VA] introduces H.R. 4174 on 12/2/09, Future of the Federal Estate Tax Blog, Dec. 3, 2009:

On December 2, 2009, Rep. Glenn C. Nye [D-VA] introduced H.R. 4174, Tax Relief for Business Growth and Sustainability Act of 2009.  There were no cosponsors.

This bill would provide the following changes to the federal estate and gift taxes for decedents dying, and gifts made, after December 31, 2010: 

• Repeal the carryover basis by making EGTRRA's sunset not apply to estate and gift taxes
• Increase the exclusion amount to $5M, and have a maximum rate of 35%
• Increase the deduction for family-owned businesses to $5M
• Provide an exclusion from the gross estate of value of a principal residence * * *

This bill has been referred to the Committee on Ways and Means.