Unified Gift and Estate Tax Credit Schedule Pre-EGTRRA

The schedule below applied for 1997 -2001 and then was superseded by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) for 2002 – 2010. However, EGTRRA included a sunset provision that absent a change in tax law, would cause gift and estate tax credit amounts to revert to the schedule below. This potential reversion has been postponed to at least 2013 by the Unemployment Insurance Reauthorization, and Job Creation Act of 2010.

Unified gift and estate tax credit schedule for transfers prior to 2002

Year

Amount of Credit

Amount of Exemption Equivalent

1997

192,800

600,000

1998

202,050

625,000

1999

211,300

650,000

2000-2001

220,550

675,000

2002-2003

229,800

700,000

2004

287,300

850,000

2005

326,300

950,000

2006+

345,800

1,000,000

Sources: Taxpayer Relief Act of 1997.

Note: The Economic Growth and Tax Relief Reconciliation Act of 2001 provides a gift tax credit schedule and a estate tax credit schedule that were no longer unified for 2002-2010. The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 has reunified the two schedules for 2011-2012.

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