Sec. 1602. Repeal of estate and generation-skipping transfer taxes

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Subchapter C of chapter 11 is amended by adding at the end the following new section: Except as provided in subsection (b), this chapter shall not apply to the estates of decedents dying after December 31, 2024. In applying section 2056A with respect to the surviving spouse of a decedent dying on or before December 31, 2024— section 2056A(b)(1)(A) shall not apply to distributions made after the 10-year period beginning on such date, and section 2056A(b)(1)(B) shall not apply after such date. .

Section 1014(b) is amended— in paragraph (6), by striking was includible in determining and all that follows through the end and inserting was includible (or would have been includible without regard to section 2210) in determining the value of the decedent’s gross estate under chapter 11 of subtitle B , in paragraph (9), by striking required to be included through Code of 1939 and inserting required to be included (or would have been required to be included without regard to section 2210) in determining the value of the decedent’s gross estate under chapter 11 of subtitle B , and in paragraph (10), by striking Property includible in the gross estate and inserting Property includible (or which would have been includible without regard to section 2210) in the gross estate .

The table of sections for subchapter C of chapter 11 is amended by adding at the end the following new item: Sec. 2210. Termination. . Subchapter G of chapter 13 of subtitle B of such Code is amended by adding at the end the following new section: This chapter shall not apply to generation-skipping transfers after December 31, 2024. . The table of sections for subchapter G of chapter 13 of such Code is amended by adding at the end the following new item: Sec. 2664. Termination. .

Section 2502 is amended by adding at the end the following new subsection: In the case of a gift made after December 31, 2024, subsection

(a)shall be applied by substituting subsection (d)(2) for section 2001(c) and such subsection for such section . If the amount with respect to which the tentative tax to be computed is: The tentative tax is: Not over $10,000 18% of such amount. Over $10,000 but not over $20,000 $1,800, plus 20% of the excess over $10,000. Over $20,000 but not over $40,000 $3,800, plus 22% of the excess over $20,000. Over $40,000 but not over $60,000 $8,200, plus 24% of the excess over $40,000. Over $60,000 but not over $80,000 $13,000, plus 26% of the excess over $60,000. Over $80,000 but not over $100,000 $18,200, plus 28% of the excess over $80,000. Over $100,000 but not over $150,000 $23,800, plus 30% of the excess over $100,000. Over $150,000 but not over $250,000 $38,800, plus 32% of the excess of $150,000. Over $250,000 but not over $500,000 $70,800, plus 34% of the excess over $250,000. Over $500,000 $155,800, plus 35% of the excess of $500,000. . Section 2505 is amended by adding at the end the following new subsection: In the case of a gift made after December 31, 2024, subsection (a)(1) shall be applied by substituting the amount of the tentative tax which would be determined under the rate schedule set forth in section 2502(a)(2) if the amount with respect to which such tentative tax is to be computed were $10,000,000 for the applicable credit amount in effect under section 2010(c) which would apply if the donor died as of the end of the calendar year . In the case of any calendar year after 2024, the dollar amount in subsection (a)(1) (after application of this subsection) shall be increased by an amount equal to— such dollar amount, multiplied by the cost-of-living adjustment determined under section 1(c)(2)(A) of such calendar year by substituting calendar year 2011 for calendar year 2016 in clause

(ii)thereof. If any amount as adjusted under paragraph

(1)is not a multiple of $10,000, such amount shall be rounded to the nearest multiple of $10,000. . Section 2801 is amended by adding at the end the following new subsection: In the case of a gift received after December 31, 2024, subsection (a)(1) shall be applied by substituting section 2502(a)(2) for section 2001(c) as in effect on the date of such receipt . . The amendments made by this section shall apply to estates of decedents dying, generation-skipping transfers, and gifts made, after December 31, 2024.