Estate Tax Rate Reduction Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill, the Estate Tax Rate Reduction Act, proposes to lower the estate tax rate. Specifically, it reduces the rate used to calculate the estate tax to 20 percent and makes changes to how gift and generation-skipping transfer taxes are determined. These changes are effective starting January 1, 2025.
Key provisions
- Reduces the estate tax rate to 20 percent.
- Modifies the calculation of the tentative estate tax.
- Changes the rates used for gift and generation-skipping transfer taxes.
- Updates definitions related to applicable rates for generation-skipping transfers.
- Conforms various sections of the Internal Revenue Code to reflect the new rates.
Who is affected
- Estate owners
- Gift-givers
- Beneficiaries of generation-skipping trusts
- Tax professionals
Notable changes
- Lowers the estate tax rate from its current structure.
- Alters the calculation of the estate tax by using a 20% rate.
- Changes the rates used for gift and generation-skipping transfer taxes.
Fiscal impact
The bill is designated as not requiring pay-as-you-go adjustments and will not be reflected on any relevant PAYGO scorecards.
Bill text
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Sponsors
Official sponsors from legislative records.
4 on record
Primary sponsor
Cosponsors
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