summary
Introduced
05/13/2021
05/13/2021
In Committee
05/13/2021
05/13/2021
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 reduce the rate of tax on estates, gifts, and generation-skipping transfers.
AI Summary
This bill, the Estate Tax Rate Reduction Act, amends the Internal Revenue Code of 1986 to reduce the rate of tax on estates, gifts, and generation-skipping transfers from the current highest rate to a flat 20 percent rate. The bill also includes several conforming amendments to update references to the new flat rate. The amendments made by this bill would apply to estates of decedents dying, generation-skipping transfers, and gifts made after December 31, 2020. The bill also specifies that its budgetary effects will not be entered on any PAYGO scorecards, which are used to track the budgetary impact of legislation.
Committee Categories
Budget and Finance
Sponsors (3)
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 05/13/2021)
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/117th-congress/house-bill/3178/all-info |
| BillText | https://www.congress.gov/117/bills/hr3178/BILLS-117hr3178ih.pdf |
| Bill | https://www.congress.gov/117/bills/hr3178/BILLS-117hr3178ih.pdf.pdf |
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