American Solution for Simplifying the Estate Tax Act of 2015
Last action on Sep 15, 2015Referred to the House Committee on Ways and Means.
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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.
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