arrow_back Back to App

Lower Taxes on Estates, Gifts, and Generation-Skipping Transfers

This bill reduces the tax rate on estates, gifts, and generation-skipping transfers to 20%. These changes could affect the amount of wealth transferred within families, lowering tax burdens for heirs and recipients. The new rules will apply from January 1, 2025.
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, generation-skipping transfers, and gifts made after December 31, 2024.
The act aims to reduce the financial burden associated with transferring wealth between generations.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_601
Sponsor: Rep. Arrington, Jodey C. [R-TX-19]
Process start date: 2025-01-22
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash
Source data: api.congress.gov
AI work logs for this document launch

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 119_HR_601.

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 2025-01-22.

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, generation-skipping transfers, and gifts made after December 31, 2024.
  • The act aims to reduce the financial burden associated with transferring wealth between generations.
What is the specific legal status?

The current status is Introduced.

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 2025-12-23.

CATEGORIES

Taxes Family