Oct-10-2017 - Rep. Austin Scott (R Ga.) introduced H.R. 3886, a bill to amend the Internal Revenue Code of 1986 to increase the unified credit against the estate and gift tax and to simplify the estate and gift tax rates. The unified credit in section 2010(c)(3) is increased from $5,000,000 to $50,000,000, and the tentative tax under 2001(c) is changed to equal 20% of the amount with respect to which such tentative tax is to be computed. It also provides that indexing for inflation adjustments would begin in 2017.
Apr-26-2017 - President Trump signed an Executive Order on Promoting Agricultural and Rural Prosperity in America. A task force will identify changes to be made to promote the purposes of the Order in Section 4, including changes to the estate tax as follows:
(viii) promote the preservation of family farms and other agribusiness operations as they are passed from one generation to the next, including changes to the estate tax and the tax valuation of family or cooperatively held businesses;