Reduces the estate tax rate to 20% for estates, gifts, and generation-skipping transfers.
The Estate Tax Rate Reduction Act amends the Internal Revenue Code to lower the tax rate on estates, gifts, and generation-skipping transfers to 20%. This change applies to estates of decedents dying, gifts made, and generation-skipping transfers after December 31, 2024. The bill includes conforming amendments to various sections of the Code to reflect the new tax rate.
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