Key Estate, Gift and GST Provisions of the Bill from the House Ways & Means

How long is the tax code: It is far shorter than 70,000 pages.The basic exclusion amount is doubled from $5 million (as of 2011) to $10 million, which is indexed for inflation, for tax years beginning after 2017.

 

Beginning after 2023, the estate and generation-skipping taxes are repealed while maintaining a beneficiary’s stepped-up basis in estate property.

 

The gift tax is lowered to a top rate of 35 percent and retains a basic exclusion amount of $10 million and an annual exclusion of $14,000 (as of 2017), also indexed for inflation.

 

Senate version due by Thanksgiving, then they must negotiate a compromise (i.e., reconciliation).

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