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Graduated rates ranging from 18 to 55 percent

Repeals rates in excess of 50 percent in 2002; 2003 through 2006, reduces rate by one percentage point per year; 2007 through 2009, 45 percent maximum estate tax rate; repeals estate and gift taxes in 2010; provisions sunset on 12/31/10†

5-percent surtax on transfers in excess of $10,000,000 but not exceeding $17,184,000

Repeals the 5-percent surtax in 2002; provisions sunset on 12/31/10†

Unified credit (effective exemption) amount in 2002 and 2003, $229800 ($700,000); in 2004, $287,300 ($850,000); in 2005, $326,300 ($950,000); in 2006 and thereafter $345,800 ($1,000,000)

Increase unified credit to effective exemption amount in 2002 and 2003, $1 million; in 2004 and 2005, $1.5 million; in 2006 through 2008, $2 million; in 2009, $3.5 million; provisions sunset on 12/31/10†

Alows a credit against the Federal estate tax liability for amounts paid for State estate taxes

Phase-out and repeal of the state estate tax credit, reduced by 25 percent in 2002, by 50 percent in 2003, by 75 percent in 2004, repealed in 2005; provisions sunset on 12/31/10†

Special use valuation (reduces market value by $750,000); family-owned business and farm deduction (allows an additional $675,000 deduction); and allows installment payments at reduced interest rates

Repeals family-owned business and farm provisions in 2004 (retains special use valuation and installment payments); provisions sunset on 12/31/10†

Property passing from a decedent’s estate generally takes a stepped-up basis, meaning fair market value

Property passing from a decedent’s estate takes carryover basis, meaning the basis of the owner; estate may elect to step up basis by up to $1.3 million; provisions sunset on 12/31/10†

Unlimited deduction for transfers to a surviving spouse

In addition to the limited $1.3 million basis step up allowance, an additional $3 million of property transferred to a surviving spouse may step up basis, total transfers to surviving spouse $4.3 million; provisions sunset on 12/31/10†

Annual exclusion of $10,000 to any one donee during the taxable year, exclusion of $20,000 if spouse consents to split the gift with donor spouse

Retains gift tax provisions in 2010 and thereafter with lifetime exclusion of $1 million; gift tax rates set at the highest individual income tax rate; provisions sunset on 12/31/10†

Imposes a 55-percent transfer tax on amounts in excess of $1 million for transfers to a beneficiary one or more generation below that of the transferor

Coordinates rates to the maximum estate and gift tax rates; modifies indirect skips, retroactive allocation of GST, rules affecting severing trusts, valuation rules, and relief from late elections; full repeal in 2010; provisions sunset on 12/31/10†

Allows certain corporations with 15 or fewer partners or shareholders to elect installment payments

Increases from 15 to 45 the number of partners and shareholders eligible for installment payments; extends availability to qualified lending and finance business interests; and extends availability to certain holding company stock; provisions sunset on 12/31/10†

Estates with qualifying conservation easement property may exclude 40 percent of the value; up to $400,000 in 2001 and $500,000 in 2002 and thereafter

Repeals the 25-mile and 10-mile limits, and clarify the date for determining easement compliance; provisions sunset on 12/31/10†

No provision

Various reporting and compliance provisions; provisions sunset on 12/31/10 †