119-hr1301

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1301 Introduced in House

    (IH) ]

<DOC>

119th CONGRESS
 1st Session
 H. R. 1301

 To amend the Internal Revenue Code of 1986 to repeal the estate and 
 generation-skipping transfer taxes.

_______________________________________________________________________

 IN THE HOUSE OF REPRESENTATIVES

 February 13, 2025

 Mr. Feenstra (for himself, Mr. Bishop, Mr. Smith of Missouri, Mr. 
 Emmer, Mr. Buchanan, Mr. Rouzer, Mr. Finstad, Mr. Fleischmann, Mr. 
 Amodei of Nevada, Ms. Tenney, Mr. Perry, Mr. Meuser, Mr. Strong, Mr. 
Zinke, Mr. Fitzgerald, Mr. LaHood, Mr. Moolenaar, Mr. Ellzey, Mr. Joyce 
 of Pennsylvania, Mr. Bilirakis, Mr. Clyde, Mr. Collins, Mrs. 
 Harshbarger, Mr. Weber of Texas, Mr. Latta, Mr. Bost, Ms. De La Cruz, 
Mr. Moore of Utah, Mr. Crenshaw, Mr. Stauber, Mr. Ciscomani, Mr. Crane, 
Mr. Burlison, Mrs. Miller of West Virginia, Mr. Lawler, Ms. Van Duyne, 
 Mr. Jackson of Texas, Mr. Babin, Mrs. Wagner, Ms. Mace, Mr. Moore of 
 West Virginia, Mrs. Cammack, Ms. Boebert, Mr. Fry, Mr. Cloud, Mr. 
 McCormick, Mr. Bacon, Mr. Issa, Mr. Pfluger, Mr. Roy, Mr. Miller of 
 Ohio, Mr. Carter of Georgia, Mr. Smith of Nebraska, Mr. Schmidt, Mr. 
 Williams of Texas, Mr. Cline, Mr. Langworthy, Mr. Smucker, Mr. Ezell, 
Mr. Rogers of Alabama, Mr. Downing, Mr. Scott Franklin of Florida, Mr. 
Biggs of Arizona, Mr. Rutherford, Mr. Yakym, Mr. Edwards, Mr. McDowell, 
 Mrs. Bice, Mr. Kelly of Pennsylvania, Mr. Barrett, Mr. Garbarino, Mr. 
 Baird, Mr. Van Orden, Mr. Kustoff, Mr. Thompson of Pennsylvania, Mr. 
 Newhouse, Mr. Self, Mr. Graves, Mr. Gill of Texas, Mr. Nunn of Iowa, 
Mr. Valadao, Ms. Letlow, Mr. Calvert, Mr. Hern of Oklahoma, Mr. Fallon, 
Mr. Fulcher, Ms. Foxx, Mr. Palmer, Mr. Green of Tennessee, Mr. Tiffany, 
 Mr. Ogles, Mr. Moran, Mr. McCaul, Mr. Alford, Mr. Guthrie, Mr. Guest, 
 Mr. Higgins of Louisiana, Mr. Evans of Colorado, Mrs. Miller-Meeks, 
 Mrs. Hinson, Mr. Griffith, Mr. Womack, Mr. Kelly of Mississippi, Mr. 
Moore of North Carolina, Mr. McClintock, Mr. Harris of North Carolina, 
 Mr. Balderson, Mrs. Houchin, Mr. Mann, Mr. Rulli, Mr. Wied, Mr. Fong, 
Mr. Simpson, Mr. Steube, Mr. Sessions, Mr. Bean of Florida, Mr. Murphy, 
 Mr. Taylor, Mr. Crank, Mrs. Biggs of South Carolina, Ms. Maloy, Mr. 
 Bresnahan, Mr. Comer, Mrs. Fischbach, Mr. Davidson, Mr. Van Drew, Mr. 
 Turner of Ohio, Mr. Carey, Mr. Hurd of Colorado, Mr. Mills, Mr. Rose, 
 Mr. Wilson of South Carolina, Mr. Norman, Mr. Westerman, Mr. Gooden, 
Mr. Stutzman, Mr. Austin Scott of Georgia, Mr. Kiley of California, Mr. 
 Haridopolos, Mr. Davis of North Carolina, Ms. Greene of Georgia, Mrs. 
 Miller of Illinois, Mr. Moore of Alabama, Mr. Allen, Mr. Bergman, Mr. 
 DesJarlais, Mr. Flood, Mr. Harris of Maryland, Mr. Barr, Mr. Jordan, 
 Mr. Messmer, Mr. Diaz-Balart, Mr. Gosar, Mr. Walberg, Mr. Hill of 
 Arkansas, Mr. McGuire, Mr. Arrington, Mr. Tony Gonzales of Texas, Mr. 
 Aderholt, Mr. Nehls, Ms. Fedorchak, Mr. Begich, Mr. Burchett, Mr. 
Donalds, Mr. Baumgartner, Ms. Malliotakis, Mr. Crawford, Mr. Luttrell, 
Mr. Dunn of Florida, Mr. Massie, Mr. Mast, Mr. Rogers of Kentucky, Mr. 
Carter of Texas, Mr. Hudson, Mr. Goldman of New York, and Mr. Joyce of 
 Ohio) introduced the following bill; which was referred to the 
 Committee on Ways and Means

_______________________________________________________________________

 A BILL

 To amend the Internal Revenue Code of 1986 to repeal the estate and 
 generation-skipping transfer taxes.

 Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

 This Act may be cited as the ``Death Tax Repeal Act''.

SEC. 2. REPEAL OF ESTATE AND GENERATION-SKIPPING TRANSFER TAXES.

    (a) Estate Tax Repeal.--

    (1) In general.--Subchapter C of chapter 11 of subtitle B 
 of the Internal Revenue Code of 1986 is amended by adding at 
 the end the following new section:

``

SEC. 2210. TERMINATION.

 ``

    (a) In General.--Except as provided in subsection

    (b) , this 
chapter shall not apply to the estates of decedents dying on or after 
the date of the enactment of the Death Tax Repeal Act.
 ``

    (b) Certain Distributions From Qualified Domestic Trusts.--In 
applying 

section 2056A with respect to the surviving spouse of a 
decedent dying before the date of the enactment of the Death Tax Repeal 
Act--
 ``

    (1) section 2056A

    (b)

    (1)
        (A) shall not apply to 
 distributions made after the 10-year period beginning on such 
 date, and
 ``

    (2) section 2056A

    (b)

    (1)
        (B) shall not apply on or after 
 such date.''.

    (2) Clerical amendment.--The table of sections for 
 subchapter C of chapter 11 of the Internal Revenue Code of 1986 
 is amended by adding at the end the following new item:

``

Sec. 2210. Termination.''.

    (b) Generation-Skipping Transfer Tax Repeal.--

    (1) In general.--Subchapter G of chapter 13 of subtitle B 
 of such Code is amended by adding at the end the following new 
 section:

``

SEC. 2664. TERMINATION.

 ``This chapter shall not apply to generation-skipping transfers on 
or after the date of the enactment of the Death Tax Repeal Act.''.

    (2) Clerical amendment.--The table of sections for 
 subchapter G of chapter 13 of such Code is amended by adding at 
 the end the following new item:

``

Sec. 2664. Termination.''.
            (c) Conforming Amendments Related to Gift Tax.--

    (1) Computation of gift tax.--Subsection

    (a) of 

section 2502 of the Internal Revenue Code of 1986 is amended to read as 
 follows:
 ``

    (a) Computation of Tax.--
 ``

    (1) In general.--The tax imposed by 

section 2501 for each 
 calendar year shall be an amount equal to the excess of--
 ``
        (A) a tentative tax, computed under paragraph

    (2) , on the aggregate sum of the taxable gifts for such 
 calendar year and for each of the preceding calendar 
 periods, over
 ``
        (B) a tentative tax, computed under paragraph

    (2) , on the aggregate sum of the taxable gifts for each 
 of the preceding calendar periods.
 ``

    (2) Rate schedule.--

``If the amount with respect 
 to which the tentative tax 
 to be computed is: The tentative tax is:
 Not over $10,000...............
 18% of such amount.
 Over $10,000 but not over 
 $20,000.
 $1,800, plus 20% of the excess 
 over $10,000.
 Over $20,000 but not over 
 $40,000.
 $3,800, plus 22% of the excess 
 over $20,000.
 Over $40,000 but not over 
 $60,000.
 $8,200, plus 24% of the excess 
 over $40,000.
 Over $60,000 but not over 
 $80,000.
 $13,000, plus 26% of the excess 
 over $60,000.
 Over $80,000 but not over 
 $100,000.
 $18,200, plus 28% of the excess 
 over $80,000.
 Over $100,000 but not over 
 $150,000.
 $23,800, plus 30% of the excess 
 over $100,000.
 Over $150,000 but not over 
 $250,000.
 $38,800, plus 32% of the excess 
 of $150,000.
 Over $250,000 but not over 
 $500,000.
 $70,800, plus 34% of the excess 
 over $250,000.
 Over $500,000..................
 $155,800, plus 35% of the 
 excess of $500,000.''.

    (2) Lifetime gift exemption.--
        (A) In general.--Paragraph

    (1) of 

section 2505

    (a) of the Internal Revenue Code of 1986 is amended to read 
 as follows:
 ``

    (1) the amount of the tentative tax which would be 
 determined under the rate schedule set forth in 

section 2502

    (a)

    (2) if the amount with respect to which such tentative 
 tax is to be computed were $10,000,000, reduced by''.
        (B) Inflation adjustment.--

Section 2505 of such 
 Code is amended by adding at the end the following new 
 subsection:
 ``
            (d) Inflation Adjustment.--
 ``

    (1) In general.--In the case of any calendar year after 
 2011, the dollar amount in subsection

    (a)

    (1) shall be increased 
 by an amount equal to--
 ``
        (A) such dollar amount, multiplied by
 ``
        (B) the cost-of-living adjustment determined 
 under 

section 1

    (f)

    (3) for such calendar year by 
 substituting `calendar year 2010' for `calendar year 
 2016' in subparagraph
        (A)
            (ii) thereof.
 ``

    (2) Rounding.--If any amount as adjusted under paragraph

    (1) is not a multiple of $10,000, such amount shall be rounded 
 to the nearest multiple of $10,000.''.

    (3) Other conforming amendments related to gift tax.--
        (A) The heading for 

section 2505 of such Code is 
 amended by striking ``unified''.
        (B) The item in the table of sections for 
 subchapter A of chapter 12 of such Code relating to 
 

section 2505 is amended to read as follows:

``

Sec. 2505. Credit against gift tax.''.
            (C) Section 2801

    (a)

    (1) of such Code is amended by 
 striking ``

section 2001
            (c) as in effect on the date of 
 such receipt'' and inserting ``

section 2502

    (a)

    (2) ''.
            (d) Effective Date.--The amendments made by this section shall 
apply to estates of decedents dying, generation-skipping transfers, and 
gifts made, on or after the date of the enactment of this Act.

    (e) Transition Rule.--

    (1) In general.--For purposes of applying sections 1015
            (d) , 
 2502, and 2505 of the Internal Revenue Code of 1986, the 
 calendar year in which this Act is enacted shall be treated as 
 two separate calendar years one of which ends on the day before 
 the date of the enactment of this Act and the other of which 
 begins on such date of enactment.

    (2) Application of 

section 2504

    (b) .--For purposes of 
 applying 

section 2504

    (b) of the Internal Revenue Code of 1986, 
 the calendar year in which this Act is enacted shall be treated 
 as one preceding calendar period.
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