summary
Introduced
04/15/2024
04/15/2024
In Committee
04/15/2024
04/15/2024
Crossed Over
Passed
Dead
01/03/2025
01/03/2025
Introduced Session
118th 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, proposes to amend 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% rate. It also makes conforming amendments to various related tax code provisions and specifies that the changes will apply to estates of decedents dying, generation-skipping transfers, and gifts made after December 31, 2022. Additionally, the bill states that the budgetary effects of the changes will not be entered on the Pay-As-You-Go (PAYGO) scorecards maintained by the federal government.
Committee Categories
Budget and Finance
Sponsors (2)
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 04/15/2024)
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/118th-congress/house-bill/7993/all-info |
| BillText | https://www.congress.gov/118/bills/hr7993/BILLS-118hr7993ih.pdf |
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