H.R.1301

Death Tax Repeal Act aims to eliminate estate and generation-skipping transfer taxes.

The Death Tax Repeal Act seeks to amend the Internal Revenue Code to repeal the estate and generation-skipping transfer taxes. This bill eliminates the estate tax on estates of decedents dying after its enactment and removes the generation-skipping transfer tax on transfers made after its enactment. It also includes provisions for the inflation adjustment of the lifetime gift exemption and makes several conforming amendments related to the gift tax. The changes apply to estates, transfers, and gifts made on or after the date of the Act's enactment.