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HR 12424 94th Congress House Taxation Estate tax Open space lands Real estate appraisal Real property Tax deductions Tax exclusion Tax exemption

A bill to amend the Internal Revenue Code of 1954 to provide that a spouse's services shall be taken into account in determining whether that spouse furnished adequate consideration for jointly held…

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A bill to amend the Internal Revenue Code of 1954 to provide that a spouse's services shall be taken into account in determining whether that spouse furnished adequate consideration for jointly held property for purposes of qualifying for an exclusion from the Federal estate tax, to increase the exemption for purposes of the Federal estate tax, to increase the estate tax marital deduction and to provide an alternate method of valuing certain real property for estate tax purposes.

Introduced: March 11, 1976 Introduced by: Grassley, Chuck Republican · Iowa See on congress.gov
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This bill died when the 94th Congress ended
It never became law before the 94th Congress (1975–1976) 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 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 11, 1976
Referred to House Committee on Ways and Means.
Mar 11, 1976
Introduced in House
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 Plain-English summary Congressional Research Service

States that a spouse's services shall be taken into account in determining the consideration furnished to purchase jointly owned property for purposes of the Federal estate tax.

Increases the value of the estate tax exemption under the Internal Revenue Code from $60,000 to $200,000 of the value of the gross estate.

Increases the limitation on the aggregate marital deduction to 50 percent of the adjusted gross value of the estate, plus $100,000.

Allows an executor to value farmland, woodland, and scenic open land at its current use value rather than at its fair market value.

What's happening now March 11, 1976

Referred to House Committee on Ways and Means.

 Committees of jurisdiction 1
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APA
U.S. Congress. (2026). H.R. 12424: A bill to amend the Internal Revenue Code of 1954 to provide that a spouse's services shall be taken into account in determining whether that spouse furnished adequate consideration for jointly held property for purposes of qualifying for an exclusion from the Federal estate tax, to increase the exemption for purposes of the Federal estate tax, to increase the estate tax marital deduction and to provide an alternate method of valuing certain real property for estate tax purposes.. 94th Congress. Open America. https://openamerica.io/bill/94-HR-12424/
MLA
"H.R. 12424: A bill to amend the Internal Revenue Code of 1954 to provide that a spouse's services shall be taken into account in determining whether that spouse furnished adequate consideration for jointly held property for purposes of qualifying for an exclusion from the Federal estate tax, to increase the exemption for purposes of the Federal estate tax, to increase the estate tax marital deduction and to provide an alternate method of valuing certain real property for estate tax purposes.." 94th Congress, 2026, Open America, https://openamerica.io/bill/94-HR-12424/.
Bluebook (legal)
H.R. 12424, 94th Cong. (2026), https://openamerica.io/bill/94-HR-12424/.
Markdown link
[H.R. 12424: A bill to amend the Internal Revenue Code of 1954 to provide that a spouse's services shall be taken into account in determining whether that spouse furnished adequate consideration for jointly held property for purposes of qualifying for an exclusion from the Federal estate tax, to increase the exemption for purposes of the Federal estate tax, to increase the estate tax marital deduction and to provide an alternate method of valuing certain real property for estate tax purposes.](https://openamerica.io/bill/94-HR-12424/)
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