PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Finance.
Congressional Research Service
Version 00 · Introduced in Senate · Feb 6, 1997
Family Estate Tax Relief Act of 1997 - Amends the Internal Revenue Code to provide for an annual incremental increase, from the current $192,800 credit to a credit of $1 million by the year 2004, in the credit against the estate transfer tax. Excludes from the value of the gross estate, in specified circumstances, the lesser of: (1) the adjusted value of the qualified family-owned business interests of the decedent otherwise includible in the estate; or (2) $1 million, reduced by the amount of an exclusion allowed with respect to the estate of a previously deceased spouse of the decendent. Increases the portion of the estate tax subject to the four-percent interest rate applicable to an extended estate tax payment time where the estate consists largely of a closely held business.
People & committees
Sen. Dorgan, Byron L. [D-ND] · D–ND
Legislative record
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Read twice and referred to the Committee on Finance.
Sponsor introductory remarks on measure. (CR S1108-1109)
Introduced in Senate
Primary sources
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Source last updated: Aug 21, 2025. Consult Congress.gov for the current record.
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