Sec. 30534. Simplifying gift tax exclusion for annual gifts
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/bill/116/hr/8352/ih/section-30534A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 2503 of the Internal Revenue Code of 1986 is amended— by striking paragraph
(1)of subsection
(b)and inserting the following: In the case of gifts made to any person by the donor during the calendar year, the first $10,000 of such gifts to such person shall not, for purposes of subsection (a), be included in the total amount of gifts made during such year. The aggregate amount excluded under subparagraph
(A)with respect to all transfers described in clause
(ii)made by the donor during the calendar year shall not exceed $50,000. The transfers described in this clause are— a transfer in trust (with the exception of any transfer to a trust described in section 2642(c)(2)), a transfer of an interest in a passthrough entity, a transfer of an interest subject to a prohibition on sale, and any other transfer of property that, without regard to withdrawal, put, or other such rights in the donee, cannot immediately be liquidated by the donee. , and by striking subsection (c). Subparagraph
(B)of section 529(c)(2) of the Internal Revenue Code of 1986 is amended by striking section 2503(b) and inserting “section 2503(b)(1)(A). Clause
(i)of section 529A(b)(2)(B) of such Code is amended by striking section 2503(b) and inserting section 2503(b)(1)(A) . Paragraph
(2)of section 2523(i) of such Code is amended by striking section 2503(b) and inserting section 2503(b)(1)(A) . Subsection
(c)of such Code of section 2801 is amended by striking 2503(b) and inserting 2503(b)(1)(A) . The Secretary of the Treasury, or the Secretary of the Treasury's delegate, may prescribe such regulations or other guidance as may be necessary or appropriate to carry out the amendments made by this section. The amendments made by this section shall apply to any calendar year beginning after the date of the enactment of this Act.