US HB4857 | 2019-2020 | 116th Congress

Status

Spectrum: Partisan Bill (Democrat 40-0)
Status: Introduced on October 24 2019 - 25% progression, died in committee
Action: 2019-10-24 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Imposes increased tax rates on decedent estates, gifts, and generation-skipping transfers. Estates with a value of over $1 billion are taxed at a 77% tax rate. The basic exclusion amount is reduced to $3.5 million. The bill increases (1) to $3 million the reduction in valuations of farmland for estate tax purposes and adjusts such increased amount for inflation, and (2) to $2 million the maximum estate tax exclusion for contributions of conservation easements. The bill requires (1) consistent basis reporting for property acquired by gift and transfers in trust, and (2) executors of estates and donors of gifts required to file a gift tax return to disclose to the Department of the Treasury, and to recipients of any interest in an estate or a gift, information identifying the value of each interest received. The bill sets forth estate valuation rules for certain transfers of nonbusiness assets and limits estate tax discounts for certain individuals with minority interests in a business acquired from a decedent. The bill expands rules for valuing assets in grantor retained annuity trusts to require that (1) the right to receive fixed amounts from an annuity last for a term of not less than 10 years and not more than the life expectancy of the annuitant plus 10 years, and that such fixed amounts not decrease during the first 10 years of the annuity term, and (2) the remainder interest have a value when transferred that is not less than the the greater of 25% of the fair market value of the trust property or $500,000. The bill also sets forth rules for the application of transfer taxes to a grantor trust (a trust in which the grantor retains control over the trust assets and has the right to receive income from the trust). The bill eliminates the generation-skipping transfer tax exemption for any trust whose termination date is not greater than 50 years after its creation. The bill modifies the gift tax exclusion for annual gifts (currently, $14,000).

Tracking Information

Register now for our free OneVote public service or GAITS Pro trial account and you can begin tracking this and other legislation, all driven by the real-time data of the LegiScan API. Providing tools allowing you to research pending legislation, stay informed with email alerts, content feeds, and share dynamic reports. Use our new PolitiCorps to join with friends and collegaues to monitor & discuss bills through the process.

Monitor Legislation or view this same bill number from multiple sessions or take advantage of our national legislative search.

Title

For the 99.8 Percent Act

Sponsors


History

DateChamberAction
2019-10-24HouseReferred to the House Committee on Ways and Means.
2019-10-24HouseIntroduced in House

Same As/Similar To

SB309 (Same As) 2019-01-31 - Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S807-809)
HB5259 (Related) 2019-11-22 - Referred to the House Committee on Ways and Means.

Subjects


US Congress State Sources


Bill Comments

feedback