summary
Introduced
02/13/2025
02/13/2025
In Committee
02/13/2025
02/13/2025
Crossed Over
Passed
Dead
Introduced Session
119th 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, titled the "Death Tax Repeal Act of 2025," proposes significant changes to the Internal Revenue Code regarding estate and generation-skipping transfer taxes. The bill would completely eliminate the estate tax (also known as the "death tax") for decedents dying on or after the date of enactment, effectively removing the tax that is levied on the transfer of wealth from a deceased person to their heirs. Similarly, the bill would also repeal the generation-skipping transfer tax, which applies to transfers of assets to beneficiaries who are more than one generation younger than the donor. The bill modifies the gift tax structure by introducing a new tax rate schedule with rates ranging from 18% to 35% for different gift amount brackets and increases the lifetime gift exemption to $10 million, with an annual inflation adjustment. Additionally, the bill introduces new rules for transfers to trusts, treating such transfers as taxable gifts unless the trust is considered wholly owned by the donor or the donor's spouse. The changes would apply to gifts made on or after the date of enactment, with special transition rules to handle the tax calculations in the year the act is implemented.
Committee Categories
Budget and Finance
Sponsors (47)
John Thune (R)*,
Jim Banks (R),
John Barrasso (R),
Marsha Blackburn (R),
John Boozman (R),
Katie Boyd Britt (R),
Ted Budd (R),
Shelley Moore Capito (R),
John Cornyn (R),
Tom Cotton (R),
Kevin Cramer (R),
Mike Crapo (R),
Ted Cruz (R),
John Curtis (R),
Steve Daines (R),
Joni Ernst (R),
Deb Fischer (R),
Lindsey Graham (R),
Chuck Grassley (R),
Bill Hagerty (R),
Josh Hawley (R),
John Hoeven (R),
Jon Husted (R),
Cindy Hyde-Smith (R),
Ron Johnson (R),
James Justice (R),
John Neely Kennedy (R),
James Lankford (R),
Mike Lee (R),
Cynthia Lummis (R),
Roger Marshall (R),
Mitch McConnell (R),
David McCormick (R),
Jerry Moran (R),
Bernie Moreno (R),
Markwayne Mullin (R),
Pete Ricketts (R),
Jim Risch (R),
Mike Rounds (R),
Eric Schmitt (R),
Rick Scott (R),
Tim Scott (R),
Tim Sheehy (R),
Thom Tillis (R),
Tommy Tuberville (R),
Roger Wicker (R),
Todd Young (R),
Last Action
Read twice and referred to the Committee on Finance. (text: CR S977-978) (on 02/13/2025)
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/119th-congress/senate-bill/587/all-info |
| BillText | https://www.congress.gov/119/bills/s587/BILLS-119s587is.pdf |
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