What is the official ID of this bill?
The official print number for this legislation is S 1178.
Estate and Gift Tax Hike: New Rates and Trust Restrictions for the Wealthiest
This bill significantly increases estate, gift, and generation-skipping transfer taxes, primarily targeting the wealthiest Americans. Key changes include lowering the estate tax exclusion amount to $3.5 million and introducing new, higher tax rates, reaching 65% for estates over $1 billion. The legislation also aims to close tax avoidance loopholes by tightening rules on trusts and asset valuation, directly impacting the estate planning strategies of very affluent families.
Key points
Estate Tax Exclusion: The basic exclusion amount for estate tax is reduced to $3.5 million (down from current levels).
New Tax Rates: Introduction of progressive estate tax rates, peaking at 65% for estates valued over $1 billion.
Trust Restrictions: Stricter rules for Grantor Retained Annuity Trusts (GRATs) and Grantor Trusts to prevent their use for avoiding transfer taxes.
Asset Valuation: Limitations on applying valuation discounts for interests in family entities and nonbusiness assets, increasing the taxable base.
Farm and Conservation Relief: Increases the maximum exclusion for farm real property and land subject to conservation easements, potentially aiding in the preservation of these assets.
Status:
Expired
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