Establishes separate taxes on inheritance and gift income, modifies estate tax computation, and creates a gift tax.

The bill introduces a separate tax on inheritance income and gift income, modifies the computation of the estate tax, and establishes a gift tax. It defines inheritance income and gift income, sets tax rates, and provides exclusions for certain transfers. The bill also allows for deferrals of tax payments under specific conditions and includes provisions for credits against the tax. The changes are set to take effect from January 1, 2026.

Establishes separate taxes on inheritance and gift income, modifies estate tax computation, and creates a gift tax.

The bill introduces a separate tax on inheritance income and gift income, modifies the computation of the estate tax, and establishes a gift tax. It defines inheritance income and gift income, sets tax rates, and provides exclusions for certain transfers. The bill also allows for deferrals of tax payments under specific conditions and includes provisions for credits against the tax. The changes are set to take effect from January 1, 2026.