SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Death Tax Repeal Act 
of 2015’’. 
SEC. 2. REPEAL OF ESTATE AND GENERATION-SKIPPING 
TRANSFER TAXES. 
(a) ESTATE TAX REPEAL.—Subchapter C of chapter 
11 of subtitle B of the Internal Revenue Code of 1986 
is amended by adding at the end the following new section: 
‘‘SEC. 2210. TERMINATION. 
‘‘(a) IN GENERAL.—Except as provided in subsection 
(b), this chapter shall not apply to the estates of decedents 
dying on or after the date of the enactment of the Death 
Tax Repeal Act of 2015. 
‘‘(b) CERTAIN DISTRIBUTIONS FROM QUALIFIED 
DOMESTIC TRUSTS.—In applying section 2056A with re-
spect to the surviving spouse of a decedent dying before 
the date of the enactment of the Death Tax Repeal Act 
of 2015— 
‘‘(1) section 2056A(b)(1)(A) shall not apply to 
distributions made after the 10-year period begin-
ning on such date, and 
‘‘(2) section 2056A(b)(1)(B) shall not apply on 
or after such date.’’. 
(b) GENERATION-SKIPPING
TRANSFER
TAX
RE-
PEAL.—Subchapter G of chapter 13 of subtitle B of such
Code is amended by adding at the end the following new 
section: 
‘‘SEC. 2664. TERMINATION. 
‘‘This chapter shall not apply to generation-skipping 
transfers on or after the date of the enactment of the 
Death Tax Repeal Act of 2015.’’. 
(c) CONFORMING AMENDMENTS.— 
(1) The table of sections for subchapter C of 
chapter 11 of the Internal Revenue Code of 1986 is 
amended by adding at the end the following new 
item: 
‘‘Sec. 2210. Termination.’’. 
(2) The table of sections for subchapter G of 
chapter 13 of such Code is amended by adding at 
the end the following new item: 
‘‘Sec. 2664. Termination.’’. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply to the estates of decedents dying, 
and generation-skipping transfers, on or after the date of 
the enactment of this Act. 
SEC. 3. MODIFICATIONS OF GIFT TAX. 
(a) COMPUTATION OF GIFT TAX.—Subsection (a) of 
section 2502 of the Internal Revenue Code of 1986 is 
amended to read as follows: 
‘‘(a) COMPUTATION OF TAX.—
‘‘(1) IN GENERAL.—The tax imposed by section 
2501 for each calendar year shall be an amount 
equal to the excess of— 
‘‘(A) a tentative tax, computed under para-
graph (2), on the aggregate sum of the taxable 
gifts for such calendar year and for each of the 
preceding calendar periods, over 
‘‘(B) a tentative tax, computed under para-
graph (2), on the aggregate sum of the taxable 
gifts for each of the preceding calendar periods. 
‘‘(2) RATE SCHEDULE.— 
‘‘If the amount with respect to which the 
tentative tax to be computed is:.
The tentative tax 
is: 
Not over $10,000 ...........................................................
18% of such amount. 
Over $10,000 but not over $20,000 ..............................
$1,800, plus 20% of 
the excess over 
$10,000. 
Over $20,000 but not over $40,000 ..............................
$3,800, plus 22% of 
the excess over 
$20,000. 
Over $40,000 but not over $60,000 ..............................
$8,200, plus 24% of 
the excess over 
$40,000. 
Over $60,000 but not over $80,000 ..............................
$13,000, plus 26% of 
the excess over 
$60,000. 
Over $80,000 but not over $100,000 ............................
$18,200, plus 28% of 
the excess over 
$80,000. 
Over $100,000 but not over $150,000 ..........................
$23,800, plus 30% of 
the excess over 
$100,000. 
Over $150,000 but not over $250,000 ..........................
$38,800, plus 32% of 
the excess of 
$150,000. 
Over $250,000 but not over $500,000 ..........................
$70,800, plus 34% of 
the excess over 
$250,000. 
Over $500,000 ...............................................................
$155,800, plus 35% of 
the excess of 
$500,000.’’.
(b) TREATMENT
OF
CERTAIN
TRANSFERS
IN 
TRUST.—Section 2511 of the Internal Revenue Code of 
1986 is amended by adding at the end the following new 
subsection: 
‘‘(c) TREATMENT
OF
CERTAIN
TRANSFERS
IN 
TRUST.—Notwithstanding any other provision of this sec-
tion and except as provided in regulations, a transfer in 
trust shall be treated as a taxable gift under section 2503, 
unless the trust is treated as wholly owned by the donor 
or the donor’s spouse under subpart E of part I of sub-
chapter J of chapter 1.’’. 
(c) LIFETIME GIFT EXEMPTION.— 
(1) IN
GENERAL.—Paragraph (1) of section 
2505(a) of the Internal Revenue Code of 1986 is 
amended to read as follows: 
‘‘(1) the amount of the tentative tax which 
would be determined under the rate schedule set 
forth in section 2502(a)(2) if the amount with re-
spect to which such tentative tax is to be computed 
were $5,000,000, reduced by’’. 
(2) INFLATION ADJUSTMENT.—Section 2505 of 
such Code is amended by adding at the end the fol-
lowing new subsection: 
‘‘(d) INFLATION ADJUSTMENT.—
‘‘(1) IN GENERAL.—In the case of any calendar 
year after 2011, the dollar amount in subsection 
(a)(1) shall be increased by an amount equal to— 
‘‘(A) such dollar amount, multiplied by 
‘‘(B) the cost-of-living adjustment deter-
mined under section 1(f)(3) for such calendar 
year by substituting ‘calendar year 2010’ for 
‘calendar year 1992’ in subparagraph (B) 
thereof. 
‘‘(2) ROUNDING.—If any amount as adjusted 
under paragraph (1) is not a multiple of $10,000, 
such amount shall be rounded to the nearest mul-
tiple of $10,000.’’. 
(d) CONFORMING AMENDMENTS.— 
(1) The heading for section 2505 of such Code 
is amended by striking ‘‘UNIFIED’’. 
(2) The item in the table of sections for sub-
chapter A of chapter 12 of such Code relating to 
section 2505 is amended to read as follows: 
‘‘Sec. 2505. Credit against gift tax.’’. 
(3) Section 2801(a)(1) of such Code is amended 
by striking ‘‘section 2001(c) as in effect on the date 
of such receipt’’ and inserting ‘‘section 2502(a)(2)’’. 
(e) EFFECTIVE DATE.—The amendments made by 
this section shall apply to gifts made on or after the date 
of the enactment of this Act.