Page 41 - Tax Reform

PUBLIC LAW 115–97—DEC. 22, 2017 131 STAT. 2091

PART VI—INCREASE IN ESTATE AND GIFT TAX
EXEMPTION

SEC. 11061. INCREASE IN ESTATE AND GIFT TAX EXEMPTION.
(a) IN GENERAL.—Section 2010(c)(3) is amended by adding at 26 USC 2010.
the end the following new subparagraph:
‘‘(C) INCREASE IN BASIC EXCLUSION AMOUNT.—In the
case of estates of decedents dying or gifts made after
December 31, 2017, and before January 1, 2026, subpara-
graph (A) shall be applied by substituting ‘$10,000,000’
for ‘$5,000,000’.’’.
(b) CONFORMING AMENDMENT.—Subsection (g) of section 2001
is amended to read as follows:
‘‘(g) MODIFICATIONS TO TAX PAYABLE.—
‘‘(1) MODIFICATIONS TO GIFT TAX PAYABLE TO REFLECT DIF-
FERENT TAX RATES.—For purposes of applying subsection (b)(2)
with respect to 1 or more gifts, the rates of tax under subsection
(c) in effect at the decedent’s death shall, in lieu of the rates
of tax in effect at the time of such gifts, be used both to
compute—
‘‘(A) the tax imposed by chapter 12 with respect to
such gifts, and
‘‘(B) the credit allowed against such tax under section
2505, including in computing—
‘‘(i) the applicable credit amount under section
2505(a)(1), and
‘‘(ii) the sum of the amounts allowed as a credit
for all preceding periods under section 2505(a)(2).
‘‘(2) MODIFICATIONS TO ESTATE TAX PAYABLE TO REFLECT
DIFFERENT BASIC EXCLUSION AMOUNTS.—The Secretary shall
prescribe such regulations as may be necessary or appropriate
to carry out this section with respect to any difference
between—
‘‘(A) the basic exclusion amount under section
2010(c)(3) applicable at the time of the decedent’s death,
and
‘‘(B) the basic exclusion amount under such section
applicable with respect to any gifts made by the decedent.’’.
(c) EFFECTIVE DATE.—The amendments made by this section 26 USC 2001
shall apply to estates of decedents dying and gifts made after note.
December 31, 2017.
PART VII—EXTENSION OF TIME LIMIT FOR
CONTESTING IRS LEVY

SEC. 11071. EXTENSION OF TIME LIMIT FOR CONTESTING IRS LEVY.
(a) EXTENSION OF TIME FOR RETURN OF PROPERTY SUBJECT
TO LEVY.—Subsection (b) of section 6343 is amended by striking
‘‘9 months’’ and inserting ‘‘2 years’’.
(b) PERIOD OF LIMITATION ON SUITS.—Subsection (c) of section
6532 is amended—
(1) by striking ‘‘9 months’’ in paragraph (1) and inserting
‘‘2 years’’, and
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(2) by striking ‘‘9-month’’ in paragraph (2) and inserting
‘‘2-year’’.