Income Tax Fairness Act of 1999

[AI summary unavailable — showing source text] Income Tax Fairness Act of 1999 - Amends the Internal Revenue Code to reduce the income tax rates imposed on individual taxpayers by three percentage points. Repeals the current requirement that property acquired from a decedent be valued, generally, at its fair market value at the date of the decedent's death or, after December 31, 1997, at the basis in the decedent's hands. Treats the carryover basis property acquired from or passed from a decedent dying after December 31, 1999, as though it were acquired by gift. Provides for adjustments in the basis of such property, by specified formulae, for family farms and closely held businesses. Requires an additional adjustment for death taxes equal to the net appreciation of such property multiplied by the Federal marginal estate tax. Increases from 39 years to 100 years the applicable recovery period used to determine the depreciation deduction for nonresidential real property.…