Section 1 Estate and gift tax reforms
Increase in unified credit—
In general— Section 2010(c)(3)(A) of the Internal Revenue Code of 1986 is amended by striking “$5,000,000” and inserting “$50,000,000”.
Inflation adjustment— Section 2010(c)(3)(B) of such Code is amended—
by striking “2011” in the matter preceding clause (i) and inserting “2017”; and
by striking “2010” in clause (ii) and inserting “2016”.
Simplification of rates— Section 2001(c) of such Code is amended to read as follows:
“(c) Tentative tax—The tentative tax computed under this subsection is 20 percent of the amount with respect to which such tentative tax is to be computed.”
Effective date— The amendments made by this section shall apply to decedents dying, and gifts made, after the date of the enactment of this section.