F Increase in estate and gift tax exemption 151. Increase in estate and gift tax exemption (a) In general Section 2010(c)(3) is amended in subparagraph (A), by striking $5,000,000 and inserting $10,000,000 . (b) Conforming amendments (1) Section 2001(g) is amended to read as follows: (g) Modifications to gift tax payable to reflect different tax rates For purposes of applying subsection (b)(2) with respect to 1 or more gifts, the rates of tax under subsection (c) in effect at the decedent’s death shall, in lieu of the rates of tax in effect at the time of such gifts, be used both to compute— (1) the tax imposed by chapter 12 with respect to such gifts, and (2) the credit allowed against such tax under section 2505, including in computing— (A) the applicable credit amount under section 2505(a)(1), and (B) the sum of the amounts allowed as a credit for all preceding periods under section 2505(a)(2). . (2) Section 2010(c)(3) is amended by striking subparagraph (C). (c) Effective date The amendments made by this section shall apply to estates of decedents dying and gifts made after December 31, 2017. II Increased exemption for Alternative Minimum Tax made permanent 201. Increased exemption for individuals (a) In general Section 55(d)(1) is amended— (1) by striking $78,750 in subparagraph (A) and inserting $109,400 , and (2) by striking $50,600 in subparagraph (B) and inserting $70,300 . (b) Phase-out of exemption amount Section 55(d)(2) is amended— (1) by striking $150,000 in subparagraph (A) and inserting $1,000,000 , and (2) by striking subparagraphs (B) and (C) and by inserting the following new subparagraphs: (B) 50 percent of the dollar amount applicable under subparagraph (A) in the case of a taxpayer described in paragraph (1)(B) or (1)(C), and (C) $75,000 in the case of a taxpayer described in paragraph (1)(D). , (c) Inflation adjustment Section 55(d)(3) is amended to read as follows: (3) Inflation adjustment In the case of any taxable year beginning in a calendar year after 2018, each dollar amount