S 1627
117th Congress
Senate
Taxation
Transfer and inheritance taxes
Estate Tax Rate Reduction Act
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 13, 2021
Read twice and referred to the Committee on Finance.
May 13, 2021
Introduced in Senate
Plain-English summary
Estate Tax Rate Reduction Act
This bill reduces the rate for the tax on estates, gifts, and generation-skipping transfers to 20%. (Under current law, the highest rate is 40%.)
The bill also exempts the budgetary effects of the tax reduction from the Pay-As-You-Go (PAYGO) rules established by the Statutory Pay-As-You-Go Act of 2010 and the FY2018 congressional budget resolution.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1