What is the official ID of this bill?

The official print number for this legislation is S 994.

When did the legislative process begin?

The process officially started on 2021-03-25.

Where can I read the full text of this legislation?

The full official text is available at: https://www.congress.gov/117/bills/s994/BILLS-117s994is.htm

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-01-02.

Who is the primary sponsor?

The primary sponsor is Sen. Sanders, Bernard [I-VT].

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Analysis and Potential Impact of S 994

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge. Review our public AI processing logs for full transparency, and use Lustra to track active legislation for instant status push notifications.

Estate and Gift Tax Changes: Higher Rates, Lower Exemptions

Q: What are the main provisions?

Key points include: Increased estate and gift tax rates, with a top rate of 65% for amounts over $1 billion. Reduced estate tax exclusion amount to $3.5 million and gift tax exclusion to $1 million. Modifications to valuation rules for farm real property and land subject to conservation easements, increasing exclusion limits for these assets. New rules for taxing trusts, including a required minimum 10-year term for Grantor Retained Annuity Trusts (GRATs). Limitation of the annual gift tax exclusion to $10,000 per donee, with an additional cumulative limit for certain types of transfers.

This act significantly alters estate, gift, and generation-skipping transfer tax rules, increasing tax rates for large estates and reducing tax-free amounts. The bill also modifies valuation rules for certain real property and introduces new regulations regarding trusts.

Key points

Increased estate and gift tax rates, with a top rate of 65% for amounts over $1 billion.

Reduced estate tax exclusion amount to $3.5 million and gift tax exclusion to $1 million.

Modifications to valuation rules for farm real property and land subject to conservation easements, increasing exclusion limits for these assets.

New rules for taxing trusts, including a required minimum 10-year term for Grantor Retained Annuity Trusts (GRATs).

Limitation of the annual gift tax exclusion to $10,000 per donee, with an additional cumulative limit for certain types of transfers.

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Status:

Expired

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Additional Information

For the 99.5 Percent Act

Print number: S 994

Sponsor: Sen. Sanders, Bernard [I-VT]

Process start date: 2021-03-25

System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.

Summarized by: gemini-3-pro-preview

Source data: api.congress.gov

AI work logs for this document launch

Estate and Gift Tax Changes: Higher Rates, Lower Exemptions

Key Questions about Estate and Gift Tax Changes: Higher Rates, Lower Exemptions