HR 996 · 97th Congress · Taxation

A bill to amend the Internal Revenue Code of 1954 to provide an inflation adjustment for the amount exempted from gift tax.

Introduced 1981-01-20· Sponsored by Rep. McDonald, Lawrence P. [D-GA-7]· House

Bill Progress

✓
Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: See H.R.4242.(1981-08-04)

Plain Language Summary

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to increase from $3,000 to $6,100 the amount of the annual gift tax exclusion. Provides for an annual inflation adjustment of such amount based on increases in the Consumer Price Index.…

Summarized by Claude AI · Non-partisan · For informational purposes only