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HR 5638 - Death/Estate Tax Amendment - National Key Vote

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Title: Death/Estate Tax Amendment

Vote Smart's Synopsis:

Vote to pass a bill that reduces estate taxes beginning in 2010.

Highlights:

  • Increases the amount eligible for exemption in gifts and estates to $5 million as of 2010 (Sec. 2).
  • Decreases the tax rate for estates up to $25 million to 15 percent (Sec. 2).
  • Decreases the tax rate for estates above $25 million to 30 percent (Sec. 2).
  • Provides a 60 percent tax deduction of the qualified timber gain or the net capital gain, depending on which is less, of timber sales to those who choose to apply (Secs. 4, 1203).

Full Bill Text

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