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Article: Rep. Peterson Introduces Bill to Amend Internal Revenue Code
- Article from:
- US Fed News Service, Including US State News
- Article date:
- May 25, 2006
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WASHINGTON, May 25 -- Rep. Collin Peterson, D-Minnesota, has introduced a bill (H.R. 5421) to "amend the Internal Revenue Code of 1986 to restore the estate tax and repeal the carryover basis rule, to increase the estate and gift tax unified credit to an exclusion equivalent of $5,000,000, and to reduce the rate of the estate and gifts taxes to the generally applicable capital gains income tax rate."
The bill, introduced on May 18, is being co-sponsored by Reps. Tom Latham, R-Iowa, and Jim Marshall, D-Georgia. It was referred to the House Ways and Means Committee.
For more information about this report, contact US Fed News through its Washington, D.C.-area office, 703/304-1897 or by e-mail ...