A bill to amend the Internal Revenue Code of 1986 to return the estate, gift, and generation skipping transfer tax to 2009 levels, and for other purposes

Progress

Timeline

• Mar 25Read twice and referred to the Committee on Finance.

Summary

**What it does:** This bill would change federal taxes on large inheritances, gifts, and certain trust transfers by returning the rates and exemption amounts to what they were in 2009. **Who it affects:** Primarily wealthy individuals and families who give large gifts or leave substantial inheritances. Most Americans would not be affected since these taxes only apply to very large estates and gifts that exceed federal exemption thresholds. **What would change:** The specific tax rates and exemption amounts would revert to 2009 levels. This could mean higher taxes for some wealthy estates (if 2009 rates were higher) or lower taxes (if 2009 rates were more favorable) compared to current law, depending on how tax policy has changed since then. **Current status:** The bill is still being reviewed in committee and has not been voted on by the full Senate. *Note: The exact financial impact would depend on how current tax levels compare to 2009 levels.*

How This Affects You