summary
Introduced
03/09/2021
03/09/2021
In Committee
03/09/2021
03/09/2021
Crossed Over
Passed
Dead
01/03/2023
01/03/2023
Introduced Session
117th Congress
Bill Summary
A BILL To amend the Internal Revenue Code of 1986 to repeal the estate and generation-skipping transfer taxes, and for other purposes.
AI Summary
This bill, the Death Tax Repeal Act of 2021, would repeal the estate and generation-skipping transfer taxes, also known as the "death tax." Specifically, it would eliminate the estate tax, which is a tax levied on the transfer of a deceased person's property, and the generation-skipping transfer tax, which applies to transfers that skip a generation, such as from a grandparent to a grandchild. The bill would also modify the gift tax, including increasing the lifetime gift tax exemption to $10 million, adjusted for inflation. These changes would apply to the estates of decedents dying and generation-skipping transfers occurring after the date of the bill's enactment.
Committee Categories
Budget and Finance
Sponsors (37)
John Thune (R)*,
John Barrasso (R),
Marsha Blackburn (R),
Roy Blunt (R),
John Boozman (R),
Mike Braun (R),
Richard Burr (R),
John Cornyn (R),
Tom Cotton (R),
Kevin Cramer (R),
Mike Crapo (R),
Ted Cruz (R),
Steve Daines (R),
Joni Ernst (R),
Deb Fischer (R),
Chuck Grassley (R),
Bill Hagerty (R),
Josh Hawley (R),
John Hoeven (R),
Cindy Hyde-Smith (R),
James Inhofe (R),
John Neely Kennedy (R),
James Lankford (R),
Mike Lee (R),
Cynthia Lummis (R),
Roger Marshall (R),
Mitch McConnell (R),
Jerry Moran (R),
Jim Risch (R),
Mike Rounds (R),
Marco Rubio (R),
Rick Scott (R),
Tim Scott (R),
Richard Shelby (R),
Pat Toomey (R),
Tommy Tuberville (R),
Roger Wicker (R),
Last Action
Read twice and referred to the Committee on Finance. (text: CR S1425) (on 03/09/2021)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.congress.gov/bill/117th-congress/senate-bill/617/all-info | 03/10/2021 |
| BillText | https://www.congress.gov/117/bills/s617/BILLS-117s617is.pdf | 04/09/2021 |
| Bill | https://www.congress.gov/117/bills/s617/BILLS-117s617is.pdf.pdf | 04/09/2021 |
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