H.R.4061 - Sensible Estate Tax Act of 2014

To amend the Internal Revenue Code of 1986 to reform the estate and gift tax. view all titles (2)

All Bill Titles

  • Short: Sensible Estate Tax Act of 2014 as introduced.
  • Official: To amend the Internal Revenue Code of 1986 to reform the estate and gift tax. as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
02/14/14
 
 
 
 
 
 
 

Sponsor

Representative

Jim McDermott

D-WA

No Co-Sponsors

Official Summary

Sensible Estate Tax Act of 2014 - Amends the Internal Revenue Code to: (1) establish new estate tax rates of between 41% (for estates with a value in excess of $1,000,000) and 55% (for estates with a value in excess of $10 million), (2) allow a $1 million estate tax exclusion, and (3) provi

Official Summary

Sensible Estate Tax Act of 2014 - Amends the Internal Revenue Code to:
(1) establish new estate tax rates of between 41% (for estates with a value in excess of $1,000,000) and 55% (for estates with a value in excess of $10 million),
(2) allow a $1 million estate tax exclusion, and
(3) provide for an inflation adjustment to such amounts for decedents dying after 2014. Restores the estate tax credit for any estate, inheritance, legacy, or succession taxes paid to a state (expired after 2004). Repeals the deduction currently allowed for such taxes. 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. Requires that the value of the basis in any property acquired from a decedent or by gift be consistent with the basis as determined for estate and gift tax purposes. Requires executors of estates and donors of gifts required to file a gift tax return to disclose to the Secretary of the Treasury, and to recipients of any interest in an estate or a gift, information identifying the value of each interest received. 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 that such fixed amounts not decrease during the first 10 years of the annuity term, and
(2) the remainder interest have a value greater than zero when transferred. Terminates the generation-skipping transfer exemption for certain long-term trusts (perpetual dynasty trusts) 90 years after the establishment of such trusts.

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