<billStatus>
 <version>
  3.0.0
 </version>
 <bill>
  <number>
   2576
  </number>
  <updateDate>
   2023-01-11T13:48:45Z
  </updateDate>
  <updateDateIncludingText>
   2023-01-11T13:48:45Z
  </updateDateIncludingText>
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   House
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  <type>
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  <introducedDate>
   2021-04-15
  </introducedDate>
  <congress>
   117
  </congress>
  <constitutionalAuthorityStatementText>
   &lt;pre&gt;[Congressional Record Volume 167, Number 65 (Thursday, April 15, 2021)][House]From the Congressional Record Online through the Government Publishing Office [&lt;a href="https://www.gpo.gov"&gt;www.gpo.gov&lt;/a&gt;]By Mr. GOMEZ:H.R. 2576.Congress has the power to enact this legislation pursuantto the following:The Congress enacts this bill pursuant to Clause 1 ofSection 8 of Article 1 of the United States Constitution andAmendment XVI of the United States Constitution.[Page H1843]&lt;/pre&gt;
  </constitutionalAuthorityStatementText>
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    <title>
     For the 99.5 Percent Act
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     117
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     994
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     S
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     <actionDate>
      2021-03-25
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      Read twice and referred to the Committee on Finance.
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     Rep. Gomez, Jimmy [D-CA-34]
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     Jimmy
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    <lastName>
     Gomez
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     D
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     Rep. Blumenauer, Earl [D-OR-3]
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     BLUMENAUER
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     Rep. Bush, Cori [D-MO-1]
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     Bush
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    <fullName>
     Rep. Carson, Andre [D-IN-7]
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    <firstName>
     Andre
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    <lastName>
     Carson
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    <party>
     D
    </party>
    <state>
     IN
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    <district>
     7
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    <sponsorshipDate>
     2021-04-15
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     Rep. Chu, Judy [D-CA-27]
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     Judy
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    <lastName>
     Chu
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    <party>
     D
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    <state>
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    <fullName>
     Rep. Cohen, Steve [D-TN-9]
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     Steve
    </firstName>
    <lastName>
     Cohen
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     D
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    <state>
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    <district>
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    <sponsorshipDate>
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     Rep. Davis, Danny K. [D-IL-7]
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     DANNY
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     DAVIS
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    <party>
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    <state>
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    <district>
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     D000191
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    <fullName>
     Rep. DeFazio, Peter A. [D-OR-4]
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    <firstName>
     PETER
    </firstName>
    <lastName>
     DEFAZIO
    </lastName>
    <party>
     D
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    <state>
     OR
    </state>
    <middleName>
     A.
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    <district>
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    <sponsorshipDate>
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     True
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   <item>
    <bioguideId>
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    <fullName>
     Rep. DeLauro, Rosa L. [D-CT-3]
    </fullName>
    <firstName>
     ROSA
    </firstName>
    <lastName>
     DELAURO
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    <party>
     D
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    <state>
     CT
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    <district>
     3
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    <sponsorshipDate>
     2021-04-15
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     True
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   <item>
    <bioguideId>
     D000623
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    <fullName>
     Rep. DeSaulnier, Mark [D-CA-11]
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    <firstName>
     Mark
    </firstName>
    <lastName>
     DeSaulnier
    </lastName>
    <party>
     D
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    <state>
     CA
    </state>
    <district>
     11
    </district>
    <sponsorshipDate>
     2021-04-15
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     True
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   </item>
   <item>
    <bioguideId>
     E000297
    </bioguideId>
    <fullName>
     Rep. Espaillat, Adriano [D-NY-13]
    </fullName>
    <firstName>
     Adriano
    </firstName>
    <lastName>
     Espaillat
    </lastName>
    <party>
     D
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    <state>
     NY
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    <district>
     13
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    <sponsorshipDate>
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     True
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   </item>
   <item>
    <bioguideId>
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    <fullName>
     Rep. Garcia, Jesus G. "Chuy" [D-IL-4]
    </fullName>
    <firstName>
     Jesus
    </firstName>
    <lastName>
     Garcia
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    <party>
     D
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    <state>
     IL
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    <middleName>
     G.
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    <district>
     4
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    <sponsorshipDate>
     2021-04-15
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     True
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   </item>
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     G000551
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    <fullName>
     Rep. Grijalva, Raúl M. [D-AZ-3]
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    <firstName>
     Raúl
    </firstName>
    <lastName>
     Grijalva
    </lastName>
    <party>
     D
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     AZ
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    <middleName>
     M.
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    <district>
     3
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    <sponsorshipDate>
     2021-04-15
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     True
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    <bioguideId>
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    <fullName>
     Del. Norton, Eleanor Holmes [D-DC-At Large]
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     ELEANOR
    </firstName>
    <lastName>
     NORTON
    </lastName>
    <party>
     D
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     DC
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    <middleName>
     HOLMES
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    <district>
     0
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    <sponsorshipDate>
     2021-04-15
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    <isOriginalCosponsor>
     True
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   </item>
   <item>
    <bioguideId>
     J000298
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    <fullName>
     Rep. Jayapal, Pramila [D-WA-7]
    </fullName>
    <firstName>
     Pramila
    </firstName>
    <lastName>
     Jayapal
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    <party>
     D
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    <state>
     WA
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    <district>
     7
    </district>
    <sponsorshipDate>
     2021-04-15
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    <isOriginalCosponsor>
     True
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   </item>
   <item>
    <bioguideId>
     J000306
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    <fullName>
     Rep. Jones, Mondaire [D-NY-17]
    </fullName>
    <firstName>
     Mondaire
    </firstName>
    <lastName>
     Jones
    </lastName>
    <party>
     D
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    <state>
     NY
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    <district>
     17
    </district>
    <sponsorshipDate>
     2021-04-15
    </sponsorshipDate>
    <isOriginalCosponsor>
     True
    </isOriginalCosponsor>
   </item>
   <item>
    <bioguideId>
     K000389
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    <fullName>
     Rep. Khanna, Ro [D-CA-17]
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    <firstName>
     Ro
    </firstName>
    <lastName>
     Khanna
    </lastName>
    <party>
     D
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    <state>
     CA
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    <district>
     17
    </district>
    <sponsorshipDate>
     2021-04-15
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    <isOriginalCosponsor>
     True
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   </item>
   <item>
    <bioguideId>
     L000551
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    <fullName>
     Rep. Lee, Barbara [D-CA-13]
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    <firstName>
     BARBARA
    </firstName>
    <lastName>
     LEE
    </lastName>
    <party>
     D
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    <state>
     CA
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    <district>
     13
    </district>
    <sponsorshipDate>
     2021-04-15
    </sponsorshipDate>
    <isOriginalCosponsor>
     True
    </isOriginalCosponsor>
   </item>
   <item>
    <bioguideId>
     L000592
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    <fullName>
     Rep. Levin, Andy [D-MI-9]
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    <firstName>
     Andy
    </firstName>
    <lastName>
     Levin
    </lastName>
    <party>
     D
    </party>
    <state>
     MI
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    <district>
     9
    </district>
    <sponsorshipDate>
     2021-04-15
    </sponsorshipDate>
    <isOriginalCosponsor>
     True
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   </item>
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    <bioguideId>
     L000582
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    <fullName>
     Rep. Lieu, Ted [D-CA-33]
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    <firstName>
     Ted
    </firstName>
    <lastName>
     Lieu
    </lastName>
    <party>
     D
    </party>
    <state>
     CA
    </state>
    <district>
     33
    </district>
    <sponsorshipDate>
     2021-04-15
    </sponsorshipDate>
    <isOriginalCosponsor>
     True
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   </item>
   <item>
    <bioguideId>
     L000579
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    <fullName>
     Rep. Lowenthal, Alan S. [D-CA-47]
    </fullName>
    <firstName>
     Alan
    </firstName>
    <lastName>
     Lowenthal
    </lastName>
    <party>
     D
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    <state>
     CA
    </state>
    <middleName>
     S.
    </middleName>
    <district>
     47
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    <sponsorshipDate>
     2021-04-15
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    <isOriginalCosponsor>
     True
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   </item>
   <item>
    <bioguideId>
     M000087
    </bioguideId>
    <fullName>
     Rep. Maloney, Carolyn B. [D-NY-12]
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    <firstName>
     CAROLYN
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    <lastName>
     MALONEY
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    <party>
     D
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    <state>
     NY
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    <middleName>
     B.
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    <district>
     12
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    <sponsorshipDate>
     2021-04-15
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   <item>
    <bioguideId>
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    <fullName>
     Rep. Meng, Grace [D-NY-6]
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    <firstName>
     Grace
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    <lastName>
     Meng
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   <item>
    <bioguideId>
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    <fullName>
     Rep. Napolitano, Grace F. [D-CA-32]
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    <firstName>
     GRACE
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    <lastName>
     NAPOLITANO
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    <middleName>
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    <district>
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   <item>
    <bioguideId>
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    <fullName>
     Rep. Newman, Marie [D-IL-3]
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    <firstName>
     Marie
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    <lastName>
     Newman
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    <party>
     D
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    <state>
     IL
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    <district>
     3
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    <sponsorshipDate>
     2021-04-15
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    <fullName>
     Rep. Omar, Ilhan [D-MN-5]
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    <firstName>
     Ilhan
    </firstName>
    <lastName>
     Omar
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    <party>
     D
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    <state>
     MN
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    <district>
     5
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    <sponsorshipDate>
     2021-04-15
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     True
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   <item>
    <bioguideId>
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    <fullName>
     Rep. Payne, Donald M., Jr. [D-NJ-10]
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    <firstName>
     Donald
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    <lastName>
     Payne
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     D
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    <state>
     NJ
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    <middleName>
     M.
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    <district>
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    <bioguideId>
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    <fullName>
     Rep. Pocan, Mark [D-WI-2]
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    <firstName>
     Mark
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    <lastName>
     Pocan
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     WI
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     2021-04-15
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   <item>
    <bioguideId>
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    <fullName>
     Rep. Pressley, Ayanna [D-MA-7]
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    <firstName>
     Ayanna
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    <lastName>
     Pressley
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    <party>
     D
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    <state>
     MA
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    <bioguideId>
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    <fullName>
     Rep. Roybal-Allard, Lucille [D-CA-40]
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     LUCILLE
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    <lastName>
     ROYBAL-ALLARD
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     D
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    <state>
     CA
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    <district>
     40
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    <sponsorshipDate>
     2021-04-15
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     True
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   </item>
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    <fullName>
     Rep. Rush, Bobby L. [D-IL-1]
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    <firstName>
     BOBBY
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    <lastName>
     RUSH
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    <party>
     D
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    <state>
     IL
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    <middleName>
     L.
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    <district>
     1
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    <sponsorshipDate>
     2021-04-15
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     True
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   </item>
   <item>
    <bioguideId>
     S001145
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     Rep. Schakowsky, Janice D. [D-IL-9]
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    <firstName>
     JANICE
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    <lastName>
     SCHAKOWSKY
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    <party>
     D
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    <state>
     IL
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    <middleName>
     D.
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    <district>
     9
    </district>
    <sponsorshipDate>
     2021-04-15
    </sponsorshipDate>
    <isOriginalCosponsor>
     True
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   </item>
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    <bioguideId>
     T000472
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    <fullName>
     Rep. Takano, Mark [D-CA-41]
    </fullName>
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     Mark
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     Stansbury
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    <item>
     <name>
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     &lt;p&gt;&lt;b&gt;For the 99.5 Percent Act&lt;/b&gt;&lt;/p&gt; &lt;p&gt;This bill imposes increased tax rates on decedent estates, gifts, and generation-skipping transfers.&lt;/p&gt; &lt;p&gt; Estates with a value of over $1 billion are taxed at a 65% tax rate. The basic exclusion amount is reduced to $3.5 million. &lt;/p&gt; &lt;p&gt;The bill increases (1) to $3 million the reduction in valuations of farmland for estate tax purposes and adjusts such increased amount for inflation, and (2) to $2 million the maximum estate tax exclusion for contributions of conservation easements. It also increases to 60% the applicable percentage for such exclusion. &lt;/p&gt; &lt;p&gt;The bill requires (1) consistent basis reporting for property acquired by gift and transfers in trust, and (2) executors of estates and donors of gifts required to file a gift tax return to disclose to the Department of the Treasury, and to recipients of any interest in an estate or a gift, information identifying the value of each interest received.&lt;/p&gt; &lt;p&gt;The bill 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.&lt;/p&gt; &lt;p&gt;The bill 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 not more than the life expectancy of the annuitant plus 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 when transferred that is not less than the the greater of 25% of the fair market value of the trust property or $500,000. The bill also sets forth rules for the application of transfer taxes to a grantor trust (a trust in which the grantor retains control over the trust assets and has the right to receive income from the trust). &lt;/p&gt; &lt;p&gt; &lt;he&gt; The bill eliminates the generation-skipping transfer tax exemption for any trust whose termination date is not greater than 50 years after its creation.&lt;/p&gt; &lt;p&gt;The bill modifies the tax exclusion for annual gifts to eliminate the present interest requirement for such exclusion and to impose a new, aggregate per donor limit equal to twice the annual exclusion amount in effect for the taxable year.&lt;/p&gt;
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   For the 99.5 Percent Act
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     For the 99.5 Percent Act
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     To amend the Internal Revenue Code of 1986 to reinstate estate and generation-skipping taxes, and for other purposes.
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   Congressional Research Service, Library of Congress
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   This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.
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H11100
2021-04-15
Ways and Means Committee
hswm00
2
House floor actions
Referred to the House Committee on Ways and Means.
IntroReferral
Intro-H
2021-04-15
9
Library of Congress
Introduced in House
IntroReferral
1000
2021-04-15
9
Library of Congress
Introduced in House
IntroReferral
2021-04-15T16:04:35Z
Referred to
House
Ways and Means Committee
hswm00
Standing
B000574
3
EARL
Rep. Blumenauer, Earl [D-OR-3]
BLUMENAUER
D
2021-04-15
OR
B001224
1
Cori
Rep. Bush, Cori [D-MO-1]
Bush
D
2021-04-15
MO
C001072
7
Andre
Rep. Carson, Andre [D-IN-7]
Carson
D
2021-04-15
IN
C001080
27
Judy
Rep. Chu, Judy [D-CA-27]
Chu
D
2021-04-15
CA
C001068
9
Steve
Rep. Cohen, Steve [D-TN-9]
Cohen
D
2021-04-15
TN
D000096
7
DANNY
Rep. Davis, Danny K. [D-IL-7]
DAVIS
K.
D
2021-04-15
IL
D000191
4
PETER
Rep. DeFazio, Peter A. [D-OR-4]
DEFAZIO
A.
D
2021-04-15
OR
D000216
3
ROSA
Rep. DeLauro, Rosa L. [D-CT-3]
DELAURO
D
2021-04-15
CT
D000623
11
Mark
Rep. DeSaulnier, Mark [D-CA-11]
DeSaulnier
D
2021-04-15
CA
E000297
13
Adriano
Rep. Espaillat, Adriano [D-NY-13]
Espaillat
D
2021-04-15
NY
G000586
4
Jesus
Rep. Garcia, Jesus G. "Chuy" [D-IL-4]
Garcia
G.
D
2021-04-15
IL
G000551
3
Raúl
Rep. Grijalva, Raúl M. [D-AZ-3]
Grijalva
M.
D
2021-04-15
AZ
N000147
0
ELEANOR
Del. Norton, Eleanor Holmes [D-DC-At Large]
NORTON
HOLMES
D
2021-04-15
DC
J000298
7
Pramila
Rep. Jayapal, Pramila [D-WA-7]
Jayapal
D
2021-04-15
WA
J000306
17
Mondaire
Rep. Jones, Mondaire [D-NY-17]
Jones
D
2021-04-15
NY
K000389
17
Ro
Rep. Khanna, Ro [D-CA-17]
Khanna
D
2021-04-15
CA
L000551
13
BARBARA
Rep. Lee, Barbara [D-CA-13]
LEE
D
2021-04-15
CA
L000592
9
Andy
Rep. Levin, Andy [D-MI-9]
Levin
D
2021-04-15
MI
L000582
33
Ted
Rep. Lieu, Ted [D-CA-33]
Lieu
D
2021-04-15
CA
L000579
47
Alan
Rep. Lowenthal, Alan S. [D-CA-47]
Lowenthal
S.
D
2021-04-15
CA
M000087
12
CAROLYN
Rep. Maloney, Carolyn B. [D-NY-12]
MALONEY
B.
D
2021-04-15
NY
M001188
6
Grace
Rep. Meng, Grace [D-NY-6]
Meng
D
2021-04-15
NY
N000179
32
GRACE
Rep. Napolitano, Grace F. [D-CA-32]
NAPOLITANO
F.
D
2021-04-15
CA
N000192
3
Marie
Rep. Newman, Marie [D-IL-3]
Newman
D
2021-04-15
IL
O000173
5
Ilhan
Rep. Omar, Ilhan [D-MN-5]
Omar
D
2021-04-15
MN
P000604
10
Donald
Rep. Payne, Donald M., Jr. [D-NJ-10]
Payne
M.
D
2021-04-15
NJ
P000607
2
Mark
Rep. Pocan, Mark [D-WI-2]
Pocan
D
2021-04-15
WI
P000617
7
Ayanna
Rep. Pressley, Ayanna [D-MA-7]
Pressley
D
2021-04-15
MA
R000486
40
LUCILLE
Rep. Roybal-Allard, Lucille [D-CA-40]
ROYBAL-ALLARD
D
2021-04-15
CA
R000515
1
BOBBY
Rep. Rush, Bobby L. [D-IL-1]
RUSH
L.
D
2021-04-15
IL
S001145
9
JANICE
Rep. Schakowsky, Janice D. [D-IL-9]
SCHAKOWSKY
D.
D
2021-04-15
IL
T000472
41
Mark
Rep. Takano, Mark [D-CA-41]
Takano
D
2021-04-15
CA
T000481
13
Rashida
Rep. Tlaib, Rashida [D-MI-13]
Tlaib
D
2021-04-15
MI
W000822
12
Bonnie
Rep. Watson Coleman, Bonnie [D-NJ-12]
Watson Coleman
D
2021-04-15
NJ
O000172
14
Alexandria
Rep. Ocasio-Cortez, Alexandria [D-NY-14]
Ocasio-Cortez
D
2021-04-19
NY
S001218
1
Melanie
Rep. Stansbury, Melanie Ann [D-NM-1]
Stansbury
Ann
D
2021-07-13
NM
Congressional Research Service, Library of Congress
This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.
text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
2021-04-15
2021-04-15
Referred to the House Committee on Ways and Means.
House
Taxation
2021-03-25
Read twice and referred to the Committee on Finance.
CRS
Identical bill
For the 99.5 Percent Act
S
G000585
34
Jimmy
Rep. Gomez, Jimmy [D-CA-34]
N
Gomez
D
CA
Agricultural conservation and pollution Farmland Inflation and prices Land use and conservation Transfer and inheritance taxes
2021-04-15
Introduced in House
 <p><b>For the 99.5 Percent Act</b></p> <p>This bill imposes increased tax rates on decedent estates, gifts, and generation-skipping transfers.</p> <p> Estates with a value of over $1 billion are taxed at a 65% tax rate. The basic exclusion amount is reduced to $3.5 million. </p> <p>The bill increases (1) to $3 million the reduction in valuations of farmland for estate tax purposes and adjusts such increased amount for inflation, and (2) to $2 million the maximum estate tax exclusion for contributions of conservation easements. It also increases to 60% the applicable percentage for such exclusion. </p> <p>The bill requires (1) consistent basis reporting for property acquired by gift and transfers in trust, and (2) executors of estates and donors of gifts required to file a gift tax return to disclose to the Department of the Treasury, and to recipients of any interest in an estate or a gift, information identifying the value of each interest received.</p> <p>The bill 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.</p> <p>The bill 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 not more than the life expectancy of the annuitant plus 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 when transferred that is not less than the the greater of 25% of the fair market value of the trust property or $500,000. The bill also sets forth rules for the application of transfer taxes to a grantor trust (a trust in which the grantor retains control over the trust assets and has the right to receive income from the trust). </p> <p> <he> The bill eliminates the generation-skipping transfer tax exemption for any trust whose termination date is not greater than 50 years after its creation.</p> <p>The bill modifies the tax exclusion for annual gifts to eliminate the present interest requirement for such exclusion and to impose a new, aggregate per donor limit equal to twice the annual exclusion amount in effect for the taxable year.</p>
2022-04-28T21:31:56Z
00
2021-04-15T04:00:00Z
Introduced in House
https://www.govinfo.gov/content/pkg/BILLS-117hr2576ih/xml/BILLS-117hr2576ih.xml
For the 99.5 Percent Act
For the 99.5 Percent Act
Display Title
IH
Introduced in House
To amend the Internal Revenue Code of 1986 to reinstate estate and generation-skipping taxes, and for other purposes.
Official Title as Introduced
IH
Introduced in House
For the 99.5 Percent Act
Short Title(s) as Introduced
HR
2023-01-11T13:48:45Z
2023-01-11T13:48:45Z
3.0.0
2021-03-25
Read twice and referred to the Committee on Finance.
CRS
Identical bill
For the 99.5 Percent Act
S
H11100
2021-04-15
Ways and Means Committee
hswm00
2
House floor actions
Referred to the House Committee on Ways and Means.
IntroReferral
Intro-H
2021-04-15
9
Library of Congress
Introduced in House
IntroReferral
1000
2021-04-15
9
Library of Congress
Introduced in House
IntroReferral
G000585
34
Jimmy
Rep. Gomez, Jimmy [D-CA-34]
N
Gomez
D
CA
B000574
3
EARL
Rep. Blumenauer, Earl [D-OR-3]
BLUMENAUER
D
2021-04-15
OR
B001224
1
Cori
Rep. Bush, Cori [D-MO-1]
Bush
D
2021-04-15
MO
C001072
7
Andre
Rep. Carson, Andre [D-IN-7]
Carson
D
2021-04-15
IN
C001080
27
Judy
Rep. Chu, Judy [D-CA-27]
Chu
D
2021-04-15
CA
C001068
9
Steve
Rep. Cohen, Steve [D-TN-9]
Cohen
D
2021-04-15
TN
D000096
7
DANNY
Rep. Davis, Danny K. [D-IL-7]
DAVIS
K.
D
2021-04-15
IL
D000191
4
PETER
Rep. DeFazio, Peter A. [D-OR-4]
DEFAZIO
A.
D
2021-04-15
OR
D000216
3
ROSA
Rep. DeLauro, Rosa L. [D-CT-3]
DELAURO
D
2021-04-15
CT
D000623
11
Mark
Rep. DeSaulnier, Mark [D-CA-11]
DeSaulnier
D
2021-04-15
CA
E000297
13
Adriano
Rep. Espaillat, Adriano [D-NY-13]
Espaillat
D
2021-04-15
NY
G000586
4
Jesus
Rep. Garcia, Jesus G. "Chuy" [D-IL-4]
Garcia
G.
D
2021-04-15
IL
G000551
3
Raúl
Rep. Grijalva, Raúl M. [D-AZ-3]
Grijalva
M.
D
2021-04-15
AZ
N000147
0
ELEANOR
Del. Norton, Eleanor Holmes [D-DC-At Large]
NORTON
HOLMES
D
2021-04-15
DC
J000298
7
Pramila
Rep. Jayapal, Pramila [D-WA-7]
Jayapal
D
2021-04-15
WA
J000306
17
Mondaire
Rep. Jones, Mondaire [D-NY-17]
Jones
D
2021-04-15
NY
K000389
17
Ro
Rep. Khanna, Ro [D-CA-17]
Khanna
D
2021-04-15
CA
L000551
13
BARBARA
Rep. Lee, Barbara [D-CA-13]
LEE
D
2021-04-15
CA
L000592
9
Andy
Rep. Levin, Andy [D-MI-9]
Levin
D
2021-04-15
MI
L000582
33
Ted
Rep. Lieu, Ted [D-CA-33]
Lieu
D
2021-04-15
CA
L000579
47
Alan
Rep. Lowenthal, Alan S. [D-CA-47]
Lowenthal
S.
D
2021-04-15
CA
M000087
12
CAROLYN
Rep. Maloney, Carolyn B. [D-NY-12]
MALONEY
B.
D
2021-04-15
NY
M001188
6
Grace
Rep. Meng, Grace [D-NY-6]
Meng
D
2021-04-15
NY
N000179
32
GRACE
Rep. Napolitano, Grace F. [D-CA-32]
NAPOLITANO
F.
D
2021-04-15
CA
N000192
3
Marie
Rep. Newman, Marie [D-IL-3]
Newman
D
2021-04-15
IL
O000173
5
Ilhan
Rep. Omar, Ilhan [D-MN-5]
Omar
D
2021-04-15
MN
P000604
10
Donald
Rep. Payne, Donald M., Jr. [D-NJ-10]
Payne
M.
D
2021-04-15
NJ
P000607
2
Mark
Rep. Pocan, Mark [D-WI-2]
Pocan
D
2021-04-15
WI
P000617
7
Ayanna
Rep. Pressley, Ayanna [D-MA-7]
Pressley
D
2021-04-15
MA
R000486
40
LUCILLE
Rep. Roybal-Allard, Lucille [D-CA-40]
ROYBAL-ALLARD
D
2021-04-15
CA
R000515
1
BOBBY
Rep. Rush, Bobby L. [D-IL-1]
RUSH
L.
D
2021-04-15
IL
S001145
9
JANICE
Rep. Schakowsky, Janice D. [D-IL-9]
SCHAKOWSKY
D.
D
2021-04-15
IL
T000472
41
Mark
Rep. Takano, Mark [D-CA-41]
Takano
D
2021-04-15
CA
T000481
13
Rashida
Rep. Tlaib, Rashida [D-MI-13]
Tlaib
D
2021-04-15
MI
W000822
12
Bonnie
Rep. Watson Coleman, Bonnie [D-NJ-12]
Watson Coleman
D
2021-04-15
NJ
O000172
14
Alexandria
Rep. Ocasio-Cortez, Alexandria [D-NY-14]
Ocasio-Cortez
D
2021-04-19
NY
S001218
1
Melanie
Rep. Stansbury, Melanie Ann [D-NM-1]
Stansbury
Ann
D
2021-07-13
NM
Agricultural conservation and pollution Farmland Inflation and prices Land use and conservation Transfer and inheritance taxes
2021-04-15
Introduced in House
 <p><b>For the 99.5 Percent Act</b></p> <p>This bill imposes increased tax rates on decedent estates, gifts, and generation-skipping transfers.</p> <p> Estates with a value of over $1 billion are taxed at a 65% tax rate. The basic exclusion amount is reduced to $3.5 million. </p> <p>The bill increases (1) to $3 million the reduction in valuations of farmland for estate tax purposes and adjusts such increased amount for inflation, and (2) to $2 million the maximum estate tax exclusion for contributions of conservation easements. It also increases to 60% the applicable percentage for such exclusion. </p> <p>The bill requires (1) consistent basis reporting for property acquired by gift and transfers in trust, and (2) executors of estates and donors of gifts required to file a gift tax return to disclose to the Department of the Treasury, and to recipients of any interest in an estate or a gift, information identifying the value of each interest received.</p> <p>The bill 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.</p> <p>The bill 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 not more than the life expectancy of the annuitant plus 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 when transferred that is not less than the the greater of 25% of the fair market value of the trust property or $500,000. The bill also sets forth rules for the application of transfer taxes to a grantor trust (a trust in which the grantor retains control over the trust assets and has the right to receive income from the trust). </p> <p> <he> The bill eliminates the generation-skipping transfer tax exemption for any trust whose termination date is not greater than 50 years after its creation.</p> <p>The bill modifies the tax exclusion for annual gifts to eliminate the present interest requirement for such exclusion and to impose a new, aggregate per donor limit equal to twice the annual exclusion amount in effect for the taxable year.</p>
2022-04-28T21:31:56Z
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For the 99.5 Percent Act
For the 99.5 Percent Act
Display Title
IH
Introduced in House
To amend the Internal Revenue Code of 1986 to reinstate estate and generation-skipping taxes, and for other purposes.
Official Title as Introduced
IH
Introduced in House
For the 99.5 Percent Act
Short Title(s) as Introduced
2021-04-15
Referred to the House Committee on Ways and Means.