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S 1128 106th Congress Senate

Estate Tax Elimination Act of 1999

Official title: A bill to amend the Internal Revenue Code of 1986 to repeal the Federal estate and gift taxes and the tax on generation-skipping transfers, to provide for a ca… Show full official titleShow less

Official title: A bill to amend the Internal Revenue Code of 1986 to repeal the Federal estate and gift taxes and the tax on generation-skipping transfers, to provide for a carryover basis at death, and to establish a partial capital gains exclusion for inherited assets.

Introduced: June 28, 1999 See on congress.gov
Taxation Agriculture and FoodCapital gains taxCivil actions and liabilityCommerce
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Estate taxEstates (Law)FamiliesFamily enterprisesFamily farmsFinance and Financial SectorFines (Penalties)FraudGift taxIncome taxInheritance taxJudicial opinionsLawNegligencePersonal income taxTax administrationTax auditingTax courtsTax exclusionTax penaltiesTax returnsValuation
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This bill died when the 106th Congress ended
It never became law before the 106th Congress (1999–2000) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 5, 2000
Sponsor introductory remarks on measure. (CR S7998)
May 26, 1999
Read twice and referred to the Committee on Finance.
May 26, 1999
Sponsor introductory remarks on measure. (CR S6054-6055)
May 26, 1999
Introduced in Senate
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 Latest action September 5, 2000

Sponsor introductory remarks on measure. (CR S7998)

 Plain-English summary Congressional Research Service
Estate Tax Elimination Act of 1999 - Amends the Internal Revenue Code to eliminate Federal estate, gift, and transfer taxes.

Eliminates the step-up in basis with respect to property acquired from a decedent.

Establishes the basis for qualifying property acquired from a decedent (carryover basis property) as the property's initial basis increased by its allowable share of the decedent's allowance, as provided for in this Act. Describes noncarryover basis property. Authorizes a limited tangible personal property exclusion.

Provides an additional exclusion for family-owned businesses and farms. Makes a nonresident who is not a U.S. citizen ineligible for basis adjustment based upon a decedent's exclusion allowance.

Establishes a binding procedure for determining the initial basis of carryover basis property.

Requires an executor to provide the Secretary of the Treasury and each beneficiary with specified carryover basis property information. Sets forth related noncompliance penalties.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 2 Republican 1
D
Murray, Patty
Washington · Jun 14, 2000
 D
Wyden, Ron
Oregon · Aug 2, 1999
 R
Collins, Susan M.
Maine · Jun 28, 1999
Cite this page click to expand
APA
U.S. Congress. (2026). S. 1128: Estate Tax Elimination Act of 1999. 106th Congress. Open America. https://openamerica.io/bill/106-S-1128/
MLA
"S. 1128: Estate Tax Elimination Act of 1999." 106th Congress, 2026, Open America, https://openamerica.io/bill/106-S-1128/.
Bluebook (legal)
S. 1128, 106th Cong. (2026), https://openamerica.io/bill/106-S-1128/.
Markdown link
[S. 1128: Estate Tax Elimination Act of 1999](https://openamerica.io/bill/106-S-1128/)
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