§2505 Unified credit against gift tax

2010—Subsec. (a). Pub. L. 111–312, § 302(d)(2), inserted concluding provisions. Subsec. (a)(1). 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”. Pub. L. 111–312, § 302(b)(1)(A), struck out “(determined as if the applicable exclusion amount were $1,000,000)” after “calendar year”. 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—Subsec. (a)(1). 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”. Pub. L. 107–16, § 521(b)(1), inserted “(determined as if the applicable exclusion amount were $1,000,000)” after “calendar year”. 1997—Subsec. (a)(1). Pub. L. 105–34 substituted “the applicable credit amount in effect under section 2010(c) for such calendar year” for “$192,800”. 1990—Subsecs. (b) to (d). 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—Subsec. (a). Pub. L. 97–34, § 442(a)(5)(A), substituted in provision preceding par. (1) “year” for “quarter”, and “periods” for “quarters” in par. (2). Subsec. (a)(1). Pub. L. 97–34, § 401(b)(1), substituted “$192,800” for “$47,000”. Subsec. (b). 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. Subsec. (d). Pub. L. 97–34, § 442(a)(5)(B), substituted “year” for “quarter” in two places.