S 994
For the 99.5 Percent Act
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- Passed Senate
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- Became Law
Bill overview
The "For the 99.5 Percent Act" significantly alters estate, gift, and generation-skipping transfer tax rules. It increases tax rates on large estates, reduces the basic estate tax exclusion amount, and modifies rules related to farmland valuation and conservation easements. The bill also introduces stricter reporting requirements for executors and donors, aims to prevent tax avoidance strategies, and revises rules for grantor retained annuity trusts and certain transfers of nonbusiness assets. Finally, it eliminates the generation-skipping transfer tax exemption for trusts with a termination date beyond 50 years and simplifies the annual gift tax exclusion.
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