H.R. 7035: Death Tax Repeal Act

This bill, introduced in the House of Representatives, proposes to amend the Internal Revenue Code of 1986 to repeal the estate and generation-skipping transfer taxes.

Summary

The bill aims to eliminate the estate and generation-skipping transfer taxes, which are taxes that are levied on the transfer of assets after a person passes away. The estate tax applies to the total value of a person's assets, while the generation-skipping transfer tax applies to transfers of assets to beneficiaries who are more than one generation younger than the transferor.

Key Details

The bill, also known as the "Death Tax Repeal Act," was introduced by Mr. F Eenstra and co-sponsored by numerous members of the House of Representatives. If passed, it would repeal the estate and generation-skipping transfer taxes.

Effectiveness

If enacted, the repeal of the estate and generation-skipping transfer taxes would take effect immediately. This means that these taxes would no longer be applicable to estates of decedents dying, generation-skipping transfers, and gifts made after the date of the enactment of this Act.

Transition Rule

The bill includes a transition rule for the application of certain provisions. It states that the calendar year in which this Act is enacted would be treated as two separate calendar years, with one ending on the day before the date of enactment and the other beginning on the date of enactment.

Rep. Michael Cloud

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