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To amend the Internal Revenue Code of 1986 to reduce the rate of tax on estates, gifts, and generation-skipping transfers.
Summary
This bill reduces the federal tax rate on estates, gifts, and generation-skipping transfers from the current graduated rate structure to a flat 20 percent. The bill makes conforming changes to related sections of the Internal Revenue Code to reflect the single tax rate rather than multiple rates. The changes would apply to estates of decedents dying, generation-skipping transfers, and gifts made after December 31, 2024. The bill specifies that the budgetary effects of these tax reductions are not subject to pay-as-you-go budget rules.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
2 cosponsors
Money behind the sponsor
Top reported contributors to Jodey C. Arrington’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.
- CHARTER BROKERAGE LLC $28,800
- SIMFLO $19,800
- GRAIL $18,200
- NORTHSTAR ANESTHESIA $13,200
- CITY BANK $13,200
Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Jodey C. Arrington → · Outside spending →
Actions (2)
- Jan 22, 2025 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. · house
- Jan 22, 2025 Introduced in House
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Text versions (1)
Bills are re-published as they move (Introduced → Reported → Engrossed → Enrolled …). Each stage below is a separate text; pick two to see what changed. Data from Congress.gov.
Full text
IN THE HOUSE OF REPRESENTATIVES
January 22, 2025
Mr. Arrington (for himself and Mr. Bishop) introduced the following bill; which was 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
A BILL
To amend the Internal Revenue Code of 1986 to reduce the rate of tax on estates, gifts, and generation-skipping transfers.
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 “Estate Tax Rate Reduction Act”.
SEC. 2. REDUCTION OF RATE OF TAX ON ESTATES, GIFTS, AND GENERATION- SKIPPING TRANSFERS.
(a) In General.—Section 2001 of the Internal Revenue Code of 1986 is amended—
(1) by striking subsection (c) and inserting the following:
“(c) Rate of Tax.—For purposes of determining the tentative tax, the rate of tax shall be 20 percent of the amount with respect to which the tentative tax is computed.”; and
(2) in subsection (g)(1), by striking “rates of tax under subsection (c)” and inserting “rate of tax under subsection
(c)”.
(b) Conforming Amendments.—
(1) Section 2056A(b)(2) of the Internal Revenue Code of 1986 is amended—
(A) in subparagraph (B)(i), by striking “highest”; and
(B) in subparagraph (C), by striking “highest”.
(2) Section 2107(a) of such Code is amended by striking “the table contained in” and inserting “the rate of tax under”.
(3) Section 2201(a) of such Code is amended by striking “the rate schedule set forth in section 2001(c)” and inserting “the rate of tax under section 2001(c)”.
(4) Section 2641 of such Code is amended to read as follows:
“SEC. 2641. APPLICABLE RATE.
“For purposes of this chapter, the term ‘applicable rate’ means, with respect to any generation-skipping transfer, the product of—
“(1) the rate imposed by section 2001 on the estates of decedents dying at the time of the taxable distribution, taxable termination, or direct skip, as the case may be, and
“(2) the inclusion ratio with respect to the transfer.”.
(5) Section 2801(a)(1) of such Code is amended by striking “the highest rate of tax specified in the table contained in” and inserting “the rate of tax under”.
(6) Section 6601(j)(2)(A)(i) of such Code is amended by striking “the rate schedule set forth in”.
(c) Effective Date.—The amendments made by this section shall apply to estates of decedents dying, generation-skipping transfers, and gifts made, after December 31, 2024.
(d) Budgetary Effects.—
(1) PAYGO scorecard.—The budgetary effects of this section shall not be entered on either PAYGO scorecard maintained pursuant to section 4(d) of the Statutory Pay-As-You-Go Act of 2010 (2 U.S.C. 933(d)).
(2) Senate paygo scorecard.—The budgetary effects of this section shall not be entered on any PAYGO scorecard maintained for purposes of section 4106 of H. Con. Res. 71 (115th Congress), the concurrent resolution on the budget for fiscal year 2018. <all>
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