note. 115 STAT. 72 PUBLIC LAW 107-16-JUNE 7, 2001 tax), as amended by paragraph (1), is amended to read as follows: "(1) the amount of the tentative tax which would be determined under the rate schedule set forth in section 2502(a)(2) if the amount with respect to which such tentative tax is to be computed were $1,000,000, reduced by". (c) GST EXEMPTION.— 26 USC 2631. (1) IN GENERAL.—Subsection (a) of 2631 (relating to GST exemption) is amended by striking "of $1,000,000" and inserting "amount". (2) EXEMPTION AMOUNT.—Subsection (c) of section 2631 is amended to read as follows: "(c) GST EXEMPTION AMOUNT. —For purposes of subsection (a), the GST exemption amount for any calendeir year shall be equal to the applicable exclusion amount under section 2010(c) for such calendar year.". (d) REPEAL OF SPECIAL BENEFIT FOR FAMILY-OWNED BUSINESS INTERESTS. — Section 2057 (relating to family-owned business interests) is amended by adding at the end the following new subsection: "(j) TERMINATION.— Th is section shall not apply to the estates of decedents dying after December 31, 2003.". Applicability. (e) EFFECTIVE DATES. — 26 USC 2010 (1) IN GENERAL.— Except as provided in paragraphs (2) and (3), the amendments made by this section shall apply to estates of decedents dying, and gifts made, after December 31, 2001. (2) SUBSECTION (b)(2). —The amendments made by subsection (b)(2) shall apply to gifts made after December 31, 2009. (3) SUBSECTIONS (O AND (d).—The amendments made by subsections (c) and (d) shall apply to estates of decedents dying, and generation-skipping transfers, after December 31, 2003. Subtitle D—Credit for State Death Taxes SEC. 531. REDUCTION OF CREDIT FOR STATE DEATH TAXES. (a) IN GENERAL. —Section 2011(b) (relating to amount of credit) is amended— (1) by striking "CREDIT. —The credit allowed" and inserting "CREDIT.— "(1) IN GENERAL.— Except as provided in paragraph (2), the credit allowed", (2) by striking "For purposes" and inserting the following: "(3) ADJUSTED TAXABLE ESTATE.— For purposes", and (3) by inserting after paragraph (1) the following new paragraph: "(2) REDUCTION OF MAXIMUM CREDIT.— "(A) IN GENERAL.—In the case of estates of decedents dying after December 31, 2001, the credit allowed by this section shall not exceed the applicable percentage of the credit otherwise determined under paragraph (1). "(B) APPLICABLE PERCENTAGE.— In the case of estates of decedents The applicable dying during: percentage is: 2002 75 perce nt
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