Page 39

131 STAT. 2091 PUBLIC LAW 115–97—DEC. 22, 2017 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 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 shall apply to estates of decedents dying and gifts made after 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 (2) by striking ‘‘9-month’’ in paragraph (2) and inserting ‘‘2-year’’. 26 USC 2001 note. 26 USC 2010. VerDate Sep 11 2014 10:09 Oct 18, 2018 Jkt 079139 PO 00097 Frm 00039 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL097.115 PUBL097 dkrause on DSKBC28HB2PROD with PUBLAWS