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H.R. 601119th CongressIn committeeLatest action Jan 22, 2025Decoded by AI · checked against the record
The plain-language version leads. The official text is always the reference.
HR 601 would cut the federal estate, gift, and generation-skipping transfer tax rate from 40% to a flat 20% for transfers after Dec. 31, 2024.
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HR 601 would lower the federal estate tax rate from its current top rate of 40 percent to a flat 20 percent. The same reduced rate would apply to gift taxes and generation-skipping transfer taxes. These changes would apply to deaths and transfers that occurred after December 31, 2024.
The estate tax currently applies only to estates worth more than about $13.6 million per individual, meaning most Americans are not affected. The people who would directly benefit are heirs of very large estates, whose tax bills would be cut roughly in half.
Independent budget analysts have estimated that reducing the estate tax rate this way would reduce federal tax revenue by a significant amount over time. How that might affect federal programs or the national debt would depend on other budget decisions made by Congress.
AI-drafted summary. Verify it against the official text before you act on it. Read the official bill on Congress.gov
Right now: a House committee is reviewing it. If the Senate changes it, it goes back to the House before reaching the President.
Latest action: — Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.