Amended 1981, 1990
- 1990 Pub. L. 101-508 Pub. L. 101–508 redesignated subsecs. (c) and (d) as subsecs. (b) and (c), respectively, and struck out former subsec. (b) which provided for a phase-in of the unified credit against gift tax.
- 1981 Pub. L. 97-34 Pub. L. 97–34, § 442(a)(5)(B), substituted “year” for “quarter” in two places.
Final rules 1
(a) General rule In the case of a citizen or resident of the United States, there shall be allowed as a credit against the tax imposed by section 2501 for each calendar year an amount equal to—
Amended 1981, 2010
- 2010 Pub. L. 111-312 Pub. L. 111–312, § 302(d)(2), inserted concluding provisions.
- 1981 Pub. L. 97-34 Pub. L. 97–34, § 442(a)(5)(A), substituted in provision preceding par. (1) “year” for “quarter”, and “periods” for “quarters” in par. (2).
Cited by 2
(1) the applicable credit amount in effect under section 2010(c) which would apply if the donor died as of the end of the calendar year, reduced by
Amended 1981, 1997, 2001, 2010
- 2010 Pub. L. 111-312 Pub. L. 111–312, § 303(b)(1), amended par. (1) generally. Prior to amendment, par. (1) read as follows: “the applicable credit amount in effect under section 2010(c) for such calendar year, reduced by”.
- 2010 Pub. L. 111-312 Pub. L. 111–312, § 302(b)(1)(A), struck out “(determined as if the applicable exclusion amount were $1,000,000)” after “calendar year”.
- 2010 Pub. L. 111-312 Pub. L. 111–312, § 301(b), amended subsec. (a)(1) to read as if amendment by Pub. L. 107–16, § 521(b)(2), had never been enacted. See 2001 Amendment note below.
- 2001 Pub. L. 107-16 Pub. L. 107–16, § 521(b)(2), amended par. (1) generally. Prior to amendment, par. (1) read as follows: “the applicable credit amount in effect under section 2010(c) for such calendar year (determined as if the applicable exclusion amount were $1,000,000), reduced by”.
- 2001 Pub. L. 107-16 Pub. L. 107–16, § 521(b)(1), inserted “(determined as if the applicable exclusion amount were $1,000,000)” after “calendar year”.
- 1997 Pub. L. 105-34 Pub. L. 105–34 substituted “the applicable credit amount in effect under section 2010(c) for such calendar year” for “$192,800”.
- 1981 Pub. L. 97-34 Pub. L. 97–34, § 401(b)(1), substituted “$192,800” for “$47,000”.
Cited by 1
(2) the sum of the amounts allowable as a credit to the individual under this section for all preceding calendar periods.
Cited by 2
For purposes of applying paragraph (2) for any calendar year, the rates of tax in effect under section 2502(a)(2) for such calendar year shall, in lieu of the rates of tax in effect for preceding calendar periods, be used in determining the amounts allowable as a credit under this section for all preceding calendar periods.
(b) Adjustment to credit for certain gifts made before 1977 The amount allowable under subsection (a) shall be reduced by an amount equal to 20 percent of the aggregate amount allowed as a specific exemption under section 2521 (as in effect before its repeal by the Tax Reform Act of 1976) with respect to gifts made by the individual after September 8, 1976.
Amended 1981, 1990
- 1990 Pub. L. 101-508 Pub. L. 101–508 redesignated subsecs. (c) and (d) as subsecs. (b) and (c), respectively, and struck out former subsec. (b) which provided for a phase-in of the unified credit against gift tax.
- 1981 Pub. L. 97-34 Pub. L. 97–34, § 401(b)(2), struck out from heading “$47,000” before “credit”, substituted subsec. (a)(1) substitutions for “$192,800” of amounts of “$62,800”, “$79,300”, “$96,300”, “$121,800”, and “$155,800” in the case of gifts made in 1982, 1983, 1984, 1985, and 1986, respectively, for subsec. (a)(1) substitutions for “$47,000” of amounts of “$6,000”, “$30,000”, “$34,000”, “$38,000”, and “$42,500” in the case of gifts made after Dec. 31, 1976, and before July 1, 1977, after June 30, 1977, and before Jan. 1, 1978; after Dec. 31, 1977, and before Jan. 1, 1979, after Dec. 31, 1978, and before Jan. 1, 1980, and after Dec. 31, 1979, and before Jan. 1, 1981, respectively.
(c) Limitation based on amount of tax The amount of the credit allowed under subsection (a) for any calendar year shall not exceed the amount of the tax imposed by section 2501 for such calendar year.
Amended 1990
- 1990 Pub. L. 101-508 Pub. L. 101–508 redesignated subsecs. (c) and (d) as subsecs. (b) and (c), respectively, and struck out former subsec. (b) which provided for a phase-in of the unified credit against gift tax.