summary
Introduced
01/17/2020
01/17/2020
In Committee
01/17/2020
01/17/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
To amend the Internal Revenue Code of 1986 to reduce the rate of tax on estates, gifts, and generation-skipping transfers. This bill reduces the rate for the tax on estates, gifts, and generation-skipping transfers to 20%. (Under current law, the highest rate is 40%.) The bill also exempts the budgetary effects of the tax reduction from the Pay-As-You-Go (PAYGO) rules established by the Statutory Pay-As-You-Go Act of 2010 and the FY2018 congressional budget resolution.
AI Summary
This bill, the Estate Tax Rate Reduction Act, reduces the rate of tax on estates, gifts, and generation-skipping transfers from the current highest rate of 40% to a flat rate of 20%. Additionally, the bill exempts the budgetary effects of this tax reduction from the Pay-As-You-Go (PAYGO) rules established by the Statutory Pay-As-You-Go Act of 2010 and the FY2018 congressional budget resolution.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. (on 01/17/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/5652/all-info |
| BillText | https://www.congress.gov/116/bills/hr5652/BILLS-116hr5652ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr5652/BILLS-116hr5652ih.pdf.pdf |
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