H.R. 1301: Death Tax Repeal Act
This bill, known as the Death Tax Repeal Act, aims to eliminate two specific taxes related to inheritance and estate transfers that are imposed by the Internal Revenue Code of 1986. Below is a breakdown of the key elements of the bill:
1. Repeal of Estate Tax
The bill proposes to abolish the estate tax. Essentially, this tax is imposed on the transfer of the estate of a deceased person. Under the provisions of the bill:
- The estate tax would no longer apply to estates of individuals who die on or after the enactment of this law.
- Additionally, it includes provisions for certain distributions from qualified domestic trusts related to deceased individuals who passed away before the enactment of the bill.
2. Repeal of Generation-Skipping Transfer Tax
In addition to the estate tax repeal, the bill also seeks to abolish the generation-skipping transfer tax. This tax applies when assets are transferred to individuals multiple generations below the donor, such as grandchildren. With this bill:
- The generation-skipping transfer tax would not apply to any transfers made on or after the date this law is enacted.
3. Conforming Amendments Related to Gift Tax
The bill includes several amendments that relate to gift taxes as well. Key changes include:
- Adjustments to how the tax on gifts is calculated and increasing the lifetime gift exemption amount to $10 million, which allows individuals to give away this amount without incurring tax.
- Provisions for inflation adjustments to the lifetime gift exemption ensure that the threshold continues to increase with inflation in subsequent years.
4. Effective Date
The changes proposed by this bill would apply to estates of individuals who die, as well as generation-skipping transfers and gifts made, on or after the date the Act is enacted.
5. Transition Rules
The bill also establishes transition rules to clarify how the new regulations will be applied in the year the law is enacted. This includes treating that calendar year as split into two periods for tax purposes—one for assets transferred up to the enactment date, and another for transfers made after.
Relevant Companies
- BRK.A (Berkshire Hathaway Inc.) - As a major holding company with significant investments in insurance and financial services, changes to estate and gift taxes could influence their strategy in wealth management for clients.
- PNC (PNC Financial Services Group, Inc.) - This financial institution may experience changes in how they advise clients on estate planning and wealth transfer strategies with the repeal of these taxes.
- JPM (JPMorgan Chase & Co.) - Similar to PNC, JPMorgan could see implications in their wealth management and inheritance planning services impacted by the removal of estate and generation-skipping transfer taxes.
This is an AI-generated summary of the bill text. There may be mistakes.
Sponsors
183 bill sponsors
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TrackRandy Feenstra
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TrackRobert B. Aderholt
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TrackMark Alford
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TrackRick W. Allen
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TrackMark E. Amodei
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TrackJodey C. Arrington
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TrackBrian Babin
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TrackDon Bacon
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TrackJames R. Baird
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TrackTroy Balderson
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TrackAndy Barr
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TrackTom Barrett
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TrackMichael Baumgartner
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TrackAaron Bean
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TrackNicholas Begich
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TrackJack Bergman
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TrackStephanie I. Bice
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TrackSheri Biggs
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TrackAndy Biggs
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TrackGus M. Bilirakis
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TrackSanford D. Bishop, Jr.
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TrackLauren Boebert
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TrackMike Bost
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TrackRobert Bresnahan
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TrackVern Buchanan
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TrackTim Burchett
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TrackEric Burlison
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TrackKen Calvert
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TrackKat Cammack
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TrackMike Carey
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TrackJohn R. Carter
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TrackEarl L. "Buddy" Carter
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TrackJuan Ciscomani
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TrackBen Cline
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TrackMichael Cloud
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TrackAndrew S. Clyde
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TrackMike Collins
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TrackJames Comer
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TrackElijah Crane
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TrackJeff Crank
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TrackEric A. "Rick" Crawford
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TrackDan Crenshaw
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TrackWarren Davidson
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TrackDonald G. Davis
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TrackMonica De La Cruz
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TrackScott DesJarlais
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TrackMario Diaz-Balart
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TrackByron Donalds
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TrackTroy Downing
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TrackNeal P. Dunn
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TrackChuck Edwards
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TrackJake Ellzey
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TrackTom Emmer
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TrackGabe Evans
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TrackMike Ezell
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TrackPat Fallon
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TrackJulie Fedorchak
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TrackBrad Finstad
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TrackMichelle Fischbach
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TrackScott Fitzgerald
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TrackCharles J. "Chuck" Fleischmann
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TrackMike Flood
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TrackVince Fong
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TrackVirginia Foxx
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TrackScott Franklin
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TrackRussell Fry
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TrackRuss Fulcher
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TrackAndrew R. Garbarino
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TrackBrandon Gill
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TrackDaniel S. Goldman
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TrackCraig Goldman
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TrackTony Gonzales
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TrackLance Gooden
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TrackPaul A. Gosar
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TrackSam Graves
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TrackMark E. Green
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TrackMarjorie Taylor Greene
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TrackH. Morgan Griffith
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TrackMichael Guest
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TrackBrett Guthrie
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TrackMike Haridopolos
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TrackMark Harris
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TrackAndy Harris
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TrackDiana Harshbarger
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TrackKevin Hern
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TrackClay Higgins
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TrackJ. French Hill
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TrackAshley Hinson
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TrackErin Houchin
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TrackRichard Hudson
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TrackJeff Hurd
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TrackDarrell Issa
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TrackRonny Jackson
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TrackJim Jordan
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TrackDavid P. Joyce
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TrackJohn Joyce
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TrackTrent Kelly
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TrackMike Kelly
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TrackKevin Kiley
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TrackBrad Knott
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TrackDavid Kustoff
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TrackDarin LaHood
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TrackNicholas A. Langworthy
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TrackRobert E. Latta
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TrackMichael Lawler
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TrackJulia Letlow
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TrackMorgan Luttrell
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TrackNancy Mace
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TrackNicole Malliotakis
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TrackCeleste Maloy
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TrackTracey Mann
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TrackThomas Massie
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TrackBrian J. Mast
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TrackMichael T. McCaul
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TrackTom McClintock
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TrackRichard McCormick
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TrackAddison McDowell
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TrackJohn McGuire
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TrackMark Messmer
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TrackDaniel Meuser
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TrackMary E. Miller
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TrackCarol D. Miller
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TrackMax L. Miller
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TrackMariannette Miller-Meeks
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TrackCory Mills
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TrackJohn R. Moolenaar
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TrackTim Moore
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TrackBarry Moore
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TrackBlake D. Moore
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TrackRiley Moore
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TrackNathaniel Moran
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TrackGregory F. Murphy
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TrackTroy E. Nehls
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TrackDan Newhouse
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TrackRalph Norman
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TrackZachary Nunn
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TrackAndrew Ogles
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TrackRobert Onder
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TrackGary J. Palmer
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TrackScott Perry
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TrackAugust Pfluger
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TrackGuy Reschenthaler
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TrackHarold Rogers
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TrackMike Rogers
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TrackJohn W. Rose
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TrackDavid Rouzer
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TrackChip Roy
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TrackMichael A. Rulli
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TrackJohn H. Rutherford
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TrackDerek Schmidt
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TrackAustin Scott
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TrackKeith Self
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TrackPete Sessions
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TrackJefferson Shreve
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TrackMichael K. Simpson
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TrackJason Smith
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TrackAdrian Smith
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TrackLloyd Smucker
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TrackPete Stauber
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TrackElise M. Stefanik
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TrackW. Gregory Steube
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TrackDale W. Strong
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TrackMarlin A. Stutzman
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TrackDavid Taylor
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TrackClaudia Tenney
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TrackGlenn Thompson
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TrackThomas P. Tiffany
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TrackMichael R. Turner
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TrackDavid G. Valadao
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TrackJefferson Van Drew
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TrackBeth Van Duyne
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TrackDerrick Van Orden
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TrackAnn Wagner
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TrackTim Walberg
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TrackRandy K. Weber, Sr.
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TrackDaniel Webster
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TrackBruce Westerman
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TrackTony Wied
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TrackRoger Williams
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TrackJoe Wilson
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TrackSteve Womack
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TrackRudy Yakym III
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TrackRyan K. Zinke
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Actions
2 actions
| Date | Action |
|---|---|
| Feb. 13, 2025 | Introduced in House |
| Feb. 13, 2025 | Referred to the House Committee on Ways and Means. |
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