H.R. 3508 · 114th Congress
American Solution for Simplifying the Estate Tax Act of 2015
- Stage
- In committee
- Sponsor
- Andy Harris
- Introduced
- 2015-09-15
- Latest action
- 2015-09-15 · Introduced in House
Summary
American Solution for Simplifying the Estate Tax Act of 2015
This bill amends the Internal Revenue Code to: (1) allow taxpayers an election to make annual payments of 1% of their modified adjusted gross income for a minimum seven-year period in lieu of existing estate and generation-skipping transfer taxes, (2) allow a step-up in basis for estate property of a taxpayer making an election under this Act, and (3) set forth requirements for the filing of an estate tax return by taxpayers who have made an election under this Act.