Bill > HR16

This bill, the Sensible Estate Tax Relief Act of 2012, extends certain tax relief provisions related to estates, gifts, and generation-skipping transfers through the end of 2013, which were originally part of the Economic Growth and Tax Relief Reconciliation Act of 2001. It amends the Internal Revenue Code to establish a basic estate tax exclusion amount of $3.5 million, meaning the first $3.5 million of an estate would be exempt from estate tax, and sets the maximum estate tax rate at 45%. The bill also exempts its budgetary impacts from the Statutory Pay-As-You-Go Act of 2010, a law designed to ensure that new spending or tax cuts are offset by other measures to avoid increasing the national deficit.