Death Tax Repeal Act | ChamberLight

IN COMMITTEE· 119TH CONGRESS

House BillHR 1301Taxation

Death Tax Repeal Act

INTRO FEB 13· LAST ACTION FEB 13

READING

7MIN

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Became Law

WHAT THE BILL DOES

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This bill matters to voters because it represents a significant change in federal tax policy regarding inherited wealth, impacting both government revenue and the transfer of wealth between generations. If it becomes law, it would eliminate a tax that currently applies only to the wealthiest estates, potentially reducing the tax burden on these families but also eliminating a source of federal income.

Without the estate and generation-skipping transfer taxes, families could pass down unlimited amounts of wealth without federal taxation, which could accelerate the concentration of wealth among the richest Americans. Conversely, supporters argue it could encourage investment and prevent family-owned businesses or farms from being sold to cover tax liabilities. If the bill does not pass, the current estate and generation-skipping transfer taxes would remain in effect, continuing to generate revenue for the government and influencing how wealthy families plan their inheritances.

KEY PROVISIONS

4AI-extracted

PROVISION 01

Repeals the federal estate tax, which is a tax on inherited wealth from large estates upon a person's death.

This means that no federal tax would be owed on the value of a deceased person's assets, regardless of how large their estate is, significantly benefiting wealthy families.

PROVISION 02

Repeals the generation-skipping transfer tax, a federal tax designed to prevent people from avoiding the estate tax by transferring wealth to grandchildren or later generations.

This allows individuals to pass wealth directly to more distant descendants without incurring this specific federal tax.

PROVISION 03

Amends the federal gift tax by establishing a new, separate rate schedule for gifts made during a person's lifetime.

This decouples the gift tax from the estate tax system and sets specific tax rates for gifts exceeding the lifetime exemption.

PROVISION 04

Sets a new lifetime exemption for gift tax at $10 million, which will be adjusted for inflation in future years.

This allows individuals to give away a large amount of wealth during their lifetime without incurring federal gift tax, with the amount increasing over time due to inflation.

SPONSORSHIP

1 + 183

COSPONSOR BREAKDOWNBIPARTISAN · 3%

DEM 3 REP 180 IND 0

ACTION TIMELINE

2 EVENTS

FEB 13

Introduced in House

INTROREFERRAL

FEB 13

Referred to the House Committee on Ways and Means.

HOUSE · INTROREFERRAL

BILL INFO

TypeHouse Bill

NumberHR 1301

Congress119th

StatusIn Committee

IntroducedFeb 13, 2025

Last actionFeb 13, 2025

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IN COMMITTEE· 119TH CONGRESS · WAYS AND MEANS COMMITTEE · INTRODUCED FEB 13, 2025

House BillHR 1301Taxation

Death Tax Repeal Act

INTRODUCED FEB 13, 2025· LAST ACTION FEB 13, 2025

PASSAGE CHANCES

—%

READING

7 min

COSPONSORS

183

COMPLEXITY

Moderate

Call my reps Congress.gov

LEGISLATIVE PROGRESS

STEP 2 OF 8

Introduced

In Committee

Reported

Passed House

Passed Senate

Conference

To President

Became Law

Introduced
In Committee
Reported
Passed House
Passed Senate
Conference
To President
Became Law

WHAT THE BILL DOES

AI-written

KEY PROVISIONS

AI-extracted

high

Repeals the federal estate tax, which is a tax on inherited wealth from large estates upon a person's death.

This means that no federal tax would be owed on the value of a deceased person's assets, regardless of how large their estate is, significantly benefiting wealthy families.

high

Repeals the generation-skipping transfer tax, a federal tax designed to prevent people from avoiding the estate tax by transferring wealth to grandchildren or later generations.

This allows individuals to pass wealth directly to more distant descendants without incurring this specific federal tax.

med

Amends the federal gift tax by establishing a new, separate rate schedule for gifts made during a person's lifetime.

This decouples the gift tax from the estate tax system and sets specific tax rates for gifts exceeding the lifetime exemption.

high

Sets a new lifetime exemption for gift tax at $10 million, which will be adjusted for inflation in future years.

This allows individuals to give away a large amount of wealth during their lifetime without incurring federal gift tax, with the amount increasing over time due to inflation.

DEADLINES & DATES

AI-extracted

An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

Date of enactment

Estate tax repeal applies to estates of decedents dying on or after the date of the bill's enactment.

Date of enactment

Generation-skipping transfer tax repeal applies to transfers made on or after the date of the bill's enactment.

10-year period beginning on the date of enactment

Certain distributions from Qualified Domestic Trusts (QDOTs) for spouses of decedents dying before enactment would no longer be taxed after a 10-year period.

Date of enactment

Other distributions from QDOTs would no longer be taxed on or after the date of enactment.

GLOSSARY

AI-written

Estate Tax: A federal tax on the value of a deceased person's property and assets, known as their estate, before it is distributed to heirs. It currently only applies to very large estates.
Generation-Skipping Transfer Tax (GSTT): A federal tax applied to transfers of wealth to individuals who are two or more generations younger than the donor, such as a grandparent to a grandchild. It's designed to prevent people from avoiding the estate tax by skipping a generation.
Gift Tax: A federal tax on money or property that one person gives to another while alive, if the value exceeds a certain annual or lifetime exclusion amount. It prevents individuals from avoiding estate taxes by giving away all their assets before death.
Internal Revenue Code of 1986: The primary body of federal tax law in the United States, which the Internal Revenue Service (IRS) enforces.
Qualified Domestic Trust (QDOT): A specific type of trust used to defer estate taxes when a surviving spouse is not a U.S. citizen, allowing them to benefit from the marital deduction under certain conditions.
Lifetime Exemption (for Gift Tax): The total amount of money or property an individual can give away over their lifetime without incurring federal gift tax. This bill proposes setting it at $10 million, adjusted for inflation.

ACTION TIMELINE

2 EVENTS

FEB 13, 25

Introduced in House

INTROREFERRAL

FEB 13, 25

Referred to the House Committee on Ways and Means.

INTROREFERRAL

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Death Tax Repeal Act

LEGISLATIVE PROGRESS

WHAT THE BILL DOES

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Death Tax Repeal Act

LEGISLATIVE PROGRESS

WHAT THE BILL DOES

KEY PROVISIONS

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GLOSSARY

ACTION TIMELINE

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