§2010. Unified credit against estate tax

(a) General rule

A credit of $192,800 shall be allowed to the estate of every decedent against the tax imposed by section 2001.

(b) Adjustment to credit for certain gifts made before 1977

The amount of the credit 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 decedent after September 8, 1976.

(c) Limitation based on amount of tax

The amount of the credit allowed by subsection (a) shall not exceed the amount of the tax imposed by section 2001.

(Added Pub. L. 94–455, title XX, §2001(a)(2), Oct. 4, 1976, 90 Stat. 1848 ; amended Pub. L. 97–34, title IV, §401(a)(1), (2)(A), Aug. 13, 1981, 95 Stat. 299 ; Pub. L. 101–508, title XI, §11801(a)(39), (c)(19)(A), Nov. 5, 1990, 104 Stat. 1388–521 , 1388-528.)

References in Text

The Tax Reform Act of 1976, referred to in subsec. (b), is Pub. L. 94–455, Oct. 4, 1976, 90 Stat. 1520 , as amended. For complete classification of this Act to the Code, see Tables.

Section 2521 of this title, referred to in subsec. (b), was repealed by section 2001(b)(3) of Pub. L. 94–455, applicable to gifts made after Dec. 31, 1976.

Amendments

1990-Subsecs. (b) to (d). Pub. L. 101–508 redesignated subsecs. (c) and (d) as (b) and (c), respectively, and struck out former subsec. (b) which provided for a phase-in of the unified credit against estate tax.

1981-Subsec. (a). Pub. L. 97–34, §401(a)(1), substituted "$192,800" for "$47,000".

Subsec. (b). Pub. L. 97–34, §401(a)(2)(A), struck out "$47,000" before "credit" from heading and in text substituted in subsec. (a) substitutions for "$192,800" amounts of "$62,800", "$79,300", "$96,300", "$121,800", and "$155,800" in the case of decedents dying in 1982, 1983, 1984, 1985, and 1986, respectively, for subsec. (a) substitutions for "$47,000" amounts of "$30,000", "$34,000", "$38,000", and "$42,500" in the case of decedents dying in 1977, 1978, 1979, and 1980, respectively.

Effective Date of 1981 Amendment

Section 401(c)(1) of Pub. L. 97–34 provided that: "The amendments made by subsection (a) [amending this section and section 6018 of this title] shall apply to the estates of decedents dying after December 31, 1981".

Savings Provision

For provisions that nothing in amendment by Pub. L. 101–508 be construed to affect treatment of certain transactions occurring, property acquired, or items of income, loss, deduction, or credit taken into account prior to Nov. 5, 1990, for purposes of determining liability for tax for periods ending after Nov. 5, 1990, see section 11821(b) of Pub. L. 101–508, set out as a note under section 29 of this title.

Section Referred to in Other Sections

This section is referred to in sections 2011, 2012, 2013, 2014, 2056A, 2101, 2102, 2107, 6601 of this title.