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US SB587
Bill
AI Summary
- Repeals the federal estate tax for decedents dying on or after the date of enactment, eliminating the tax on inherited assets at death
- Repeals the generation-skipping transfer tax, which currently applies to transfers that skip a generation (such as grandparent to grandchild)
- Retains the gift tax with a modified rate schedule ranging from 18% on gifts up to $10,000 to 35% on gifts exceeding $500,000
- Establishes a $10 million lifetime gift tax exemption, indexed for inflation from 2011, with amounts rounded to the nearest $10,000
- Treats transfers to trusts as taxable gifts unless the trust is treated as wholly owned by the donor or donor's spouse (grantor trust rules)
Legislative Description
Death Tax Repeal Act of 2025
Taxation
Last Action
Read twice and referred to the Committee on Finance. (text: CR S977-978)
2/13/2025
Committee Referrals
Finance2/13/2025
Full Bill Text
No bill text available