Estate Tax Rate Reduction Act
The Estate Tax Rate Reduction Act lowers the federal estate tax rate to a flat 20% for estates, gifts, and generation-skipping transfers. This change affects individuals with estates exceeding the federal tax exemption threshold (currently $12.92 million for individuals in 2023). The bill replaces the previous multi-tiered tax rate system with a single 20% rate and updates related tax code provisions to align with this change. The new rate applies to estates of decedents dying, gifts, and transfers made after December 31, 2022.
Bill status
in committee
1 of 4 stages cleared
Introduction
Apr 2024
Committee Review
Floor Vote
President
Introduced Apr 15, 2024
Last action Apr 15, 2024
Floor votes
How they voted
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Full legislative history
Actions timeline
Total actions
2
Key actions
0
Committee
1
Apr 15, 2024
Committee
Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
lower
Apr 15, 2024
Introduced
Introduced in House
lower
1 primary · 1 co-sponsor
Sponsors
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