summary
Introduced
In Committee
Crossed Over
Passed
Dead
Introduced Session
112th Congress
Bill Summary
Death Tax Repeal Permanency Act of 2012 - Amends the Internal Revenue Code to: (1) repeal the estate and generation-skipping transfer taxes, and (2) make permanent the maximum 35% gift tax rate and a $5 million lifetime gift tax exemption.
AI Summary
This bill, the Death Tax Repeal Permanency Act of 2012, aims to permanently eliminate the estate tax, which is a tax on the transfer of a deceased person's assets to their heirs, and the generation-skipping transfer tax, which is a tax on assets transferred to beneficiaries two or more generations younger than the donor. It also makes permanent the current maximum gift tax rate of 35% and a lifetime exemption of $5 million for gifts, meaning individuals can give up to $5 million in assets over their lifetime without incurring gift tax. The bill amends the Internal Revenue Code to achieve these changes, ensuring that these tax provisions do not expire as they might have under previous legislation.
Committee Categories
Budget and Finance
Sponsors (38)
Kelly Ayotte (R),
John Barrasso (R),
Roy Blunt (R),
John Boozman (R),
Richard Burr (R),
Saxby Chambliss (R),
Daniel Coats (R),
Tom Coburn (R),
Thad Cochran (R),
John Cornyn (R),
Mike Crapo (R),
Jim DeMint (R),
Michael Enzi (R),
Lindsey Graham (R),
Chuck Grassley (R),
Dean Heller (R),
John Hoeven (R),
Kay Hutchison (R),
James Inhofe (R),
Johnny Isakson (R),
Mike Johanns (R),
Mark Kirk (R),
Jon Kyl (R),
Mike Lee (R),
Richard Lugar (R),
John McCain (R),
Mitch McConnell (R),
Jerry Moran (R),
Rand Paul (R),
Jim Risch (R),
Pat Roberts (R),
Marco Rubio (R),
Jeff Sessions (R),
Richard Shelby (R),
John Thune (R),
Pat Toomey (R),
David Vitter (R),
Roger Wicker (R),
Last Action
Read twice and referred to the Committee on Finance. (on 03/28/2012)
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/112th-congress/senate-bill/2242/all-info |
| Bill | http://gpo.gov/fdsys/pkg/BILLS-112s2242is/pdf/BILLS-112s2242is.pdf.pdf |
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