Sec. 201. Modification of estate tax rate and basic exclusion amount
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/bill/115/s/3766/is/section-201A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The last row of the table contained in subsection
(c)of section 2001 of the Internal Revenue Code of 1986 is amended by striking 40 percent and inserting 45 percent . Paragraph
(3)of section 2010(c) of the Internal Revenue Code of 1986 is amended to read as follows: For purposes of this subsection, the basic exclusion amount is $3,500,000. . The table contained in section 2001(c), as amended by subsection (a), is amended— by inserting but not over $10,000,000 after Over $1,000,000 in the last row; and by adding at the end the following: Over $10,000,000 but not over $50,000,000 $4,395,800, plus 55 percent of the excess of such amount over $10,000,000. Over $50,000,000 $26,395,800, plus 65 percent of the excess of such amount over $50,000,000. . The amendments made by this section shall apply to estates of decedents dying and gifts made after December 31, 2018.