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Here is the latest in Congressional Estate Tax legislation (as of 4-25-01):

Representative Charles Rangel introduced House Bill (H.R.) 1264 which, if passed, would become effective for those who die or make gifts after December 31, 2001 and would increase the per person unified credit equivalent as follows:

For 2002, $2,000,000

For 2003 and 2004, $2,100,000

For 2005 and 2006, $2,200,000

For 2007 and 2008, $2,300,000

For 2009, $2,400,000; and

For 2010 and thereafter, $2,500,000.

This legislation would repeal benefits for family-owned business.

Representative Nita M. Lowey introduced House Bill (H.R.) 1277 which would:

Reduce estate tax rates by 20%

Repeal the phase-out of graduated rates

Increase the unified credit to the equivalent of a $2.5 million exclusion, and

Provide an inflation adjustment to the unified credit.

Representative Dennis Moore introduced House Bill (H.R.) 1285 which would:

Increase the unified credit to an exclusion equivalent of $3 million.

Leave in the step-up in basis at death

Simply the estate tax break for family-owned farms and businesses.

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