HR 7993
Estate Tax Rate Reduction Act
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Bill overview
This bill, the Estate Tax Rate Reduction Act, lowers the federal estate tax rate from the current 40% to 20% for estates, gifts, and generation-skipping transfers. It also exempts the budgetary impact of this tax reduction from standard pay-as-you-go rules. The changes are effective starting January 1, 2023, for estates of individuals who die after December 31, 2022, and for gifts and generation-skipping transfers made on or after that date.
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Primary sponsor
Cosponsor
Sanford D. Bishop
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