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![handle is hein.usccsset/usconset50173 and id is 1 raw text is: AUTHENTICATEO
U.S. GOVERNMENT
INFORMATION
Gp
107TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 107-37
DEATH TAX ELIMINATION ACT OF 2001
APRIL 3, 2001.-Committed to the Committee of the Whole House on the State of
the Union and ordered to be printed
Mr. THOMAS, from the Committee on Ways and Means,
submitted the following
REPORT
together with
DISSENTING VIEWS
[To accompany H.R. 8]
[Including cost estimate of the Congressional Budget Office]
The Committee on Ways and Means, to whom was referred the
bill (H.R. 8) to amend the Internal Revenue Code of 1986 to phase-
out the estate and gift taxes over a 10-year period, and for other
purposes, having considered the same, report favorably thereon
with an amendment and recommend that the bill as amended do
pass.
CONTENTS
Page
I. Sum m ary and Background ........................................................................... 17
A. Purpose and Sum m ary .................................................................... 17
B. Background and Need for Legislation ............................................ 19
C. Legislative H istory .......................................................................... 19
II. Explanation of the Bill .................................................................................. 19
A. Phase in Repeal of Estate, Gift, and Generation-Skipping
Transfer Taxes (secs. 101-402) ..................................................... 19
B. Expand Estate Tax Rule for Conservation Easements (sec. 501) 32
C. Modify Generation-Skipping Transfer Tax Rules (secs. 601-
604) .................................................................................................. 33
D. Expand Availability of Installment Payment of Estate Tax for
Closely-Held Businesses (sec. 701) ................................................ 41
III. Votes of the Com m ittee ................................................................................ 42
IV. Budget Effects of the Bill .............................................................................. 44
A. Committee Estimates of Budgetary Effects ................................... 44
B. Statement Regarding New Budget Authority and Tax Expendi-
tures Budget Authority .................................................................. 46
C. Cost Estimate Prepared by the Congressional Budget Office ...... 46
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