Repeal of Estate and Generation-Skipping Transfer Taxes, Gift Tax Modifications
This act repeals the federal estate tax and the generation-skipping transfer tax for decedents dying or transfers made on or after the date of enactment. It also modifies the gift tax calculation, setting the lifetime gift exemption base amount to $10 million, subject to inflation adjustments.
Key points
Repeal of the federal estate tax for estates of decedents dying on or after the date of enactment.
Repeal of the federal generation-skipping transfer tax.
Modification of the gift tax calculation, setting the lifetime gift exemption base at $10 million with inflation adjustments.
Expired
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