This bill sets the tax rate on estates, gifts, and generation-skipping transfers (GST) at a flat 20 percent by amending section 2001 of the Internal Revenue Code. It replaces the existing rate table with a single 20% rate and makes conforming changes to related code sections. The change applies to estates of decedents dying, generation-skipping transfers, and gifts made after December 31, 2024. The bill also states that its budgetary effects shall not be entered on certain PAYGO scorecards.
If you are subject to the federal estate tax, gift tax, or GST tax for transfers after December 31, 2024, the tentative tax calculation in the Internal Revenue Code would use a 20% rate. The measure was introduced in the House on January 22, 2025, and referred to the Committee on Ways and Means and the Committee on the Budget for further consideration.
No publicly available information on estimated federal revenue effects or cost estimates is included in the bill text. The bill directs that its budgetary effects not be entered on PAYGO scorecards maintained under the Statutory Pay-As-You-Go Act and on a specified Senate paygo scorecard.
No publicly available information.
No publicly available information.