What does Preamble of Death Tax Repeal Act do?

This bill, formally titled 'To amend the Internal Revenue Code of 1986 to repeal the estate and generation-skipping transfer taxes,' was introduced in the House of Representatives on February 13, 2025. The bill proposes to amend the Internal Revenue Code of 1986. The stated purpose of the bill is to repeal the estate and generation-skipping transfer taxes.

What does SHORT TITLE. of Death Tax Repeal Act do?

This bill is formally titled the 'Death Tax Repeal Act'.

What does REPEAL OF ESTATE AND GENERATION-SKIPPING TRANSFER TAXES. of Death Tax Repeal Act do?

This section proposes to repeal the estate tax and generation-skipping transfer tax. The repeal would apply to estates of decedents dying, generation-skipping transfers, and gifts made on or after the date of the enactment of the Death Tax Repeal Act. Subchapter C of chapter 11 of the Internal Revenue Code of 1986 would be amended to terminate the application of the estate tax chapter. Subchapter G of chapter 13 of subtitle B of the Internal Revenue Code of 1986 would be amended to terminate the application of the generation-skipping transfer tax chapter. The gift tax computation rules are modified, including adjustments to the tentative tax rate schedule and the lifetime gift exemption. The lifetime gift exemption would be set at $10,000,000 and subject to inflation adjustments. A transition rule is established to treat the year of enactment as two separate calendar years for certain purposes related to gift tax calculations.

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Death Tax Repeal Act

Last updated: 2/13/2025 · Introduced: 2/13/2025

Author: Randy Feenstra (R-IA)

TL;DR (AI)

This bill eliminates the federal estate tax and generation-skipping transfer tax for transfers made on or after its enactment.
The bill establishes a $10,000,000 lifetime gift exemption, which will be adjusted for inflation.
Gift tax computation rules are modified, including adjustments to the tentative tax rate schedule and a transition rule for the year of enactment.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 1 more.

3 sections

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