Legal Dictionary of Pakistan

unified credit

A tax credit applied against the federal unified transfer tax. ( The 1999 credit is $211,300, meaning that an estate worth up to $650,000 passes to the heirs free of any federal estate tax. The credit will gradually increase so that, after 2005, it will be $345,800, meaning that no federal estate tax will be due on an estate worth up to $1 million. - Also termed unified estate-and-gift tax credit.