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Estate and Gift Tax Reduction: New Rules for Wealth Transfer

This bill proposes a significant reduction in the tax rate for estates, gifts, and generation-skipping transfers to 20%. This means individuals transferring wealth to heirs or making gifts will pay a lower tax on these transactions. These changes could impact financial planning and wealth inheritance for families.
Key points
The main tax rate for estates, gifts, and generation-skipping transfers will be reduced to 20%.
The changes apply to estates of decedents dying, and gifts and generation-skipping transfers made, after December 31, 2020.
The bill aims to lessen the tax burden associated with wealth transfer.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_3178
Sponsor: Rep. Arrington, Jodey C. [R-TX-19]
Process start date: 2021-05-13
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Estate Tax Rate Reduction Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_3178.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-05-13.

What are the main provisions?

Key points include:

  • The main tax rate for estates, gifts, and generation-skipping transfers will be reduced to 20%.
  • The changes apply to estates of decedents dying, and gifts and generation-skipping transfers made, after December 31, 2020.
  • The bill aims to lessen the tax burden associated with wealth transfer.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Arrington, Jodey C. [R-TX-19].

What is the latest detailed status?

The latest detailed status is: Introduced in House

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Taxes Family