Death Tax Repeal Act of 2015

Bill: 114-hr-1105
Sponsor: Rep. Brady, Kevin [R-TX-8]
Introduced: 2015-02-26 in the House
Policy area: Taxation
Subjects: Inflation and prices
Transfer and inheritance taxes

Summary:
action_date: 2015-02-26
text: 

Death Tax Repeal Act of 2015

 
Amends the Internal Revenue Code to: (1) repeal the estate and generation-skipping transfer taxes, and (2) make permanent the maximum 35% gift tax rate and the lifetime gift tax exemption. Provides for an inflation adjustment to such exemption amount.

action_date: 2015-04-06
text: 

Death Tax Repeal Act of 2015 

 
(Sec. 2) This bill amends the Internal Revenue Code to repeal the estate and generation-skipping transfer taxes for estates of decedents dying or for transfers made on or after the enactment date of this Act. In the case of assets placed in a qualified domestic trust by a decedent who dies prior to the enactment of this Act, the current estate tax will not apply to: (1) distributions from such trust before the death of a surviving spouse made more than 10 years after the enactment date of this Act, and (2) assets remaining in such trust upon the death of the surviving spouse.
 
(Sec. 3) This section revises gift tax rates to lower the top rate to 35% and deems a transfer in trust to be a taxable gift unless the trust is treated as wholly-owned by the donor or the donor's spouse.
 
 The lifetime exemption for gifts is set at $5 million with a cost-of-living adjustment for calendar years beginning after 2011. The adjusted exemption amount in 2015 is $5.43 million.

action_date: 2015-04-16
text: 

Death Tax Repeal Act of 2015 

 
(Sec. 2) This bill amends the Internal Revenue Code to repeal the estate and generation-skipping transfer taxes for estates of decedents dying or for transfers made on or after the enactment date of this Act. In the case of assets placed in a qualified domestic trust by a decedent who dies prior to the enactment of this Act, the current estate tax will not apply to: (1) distributions from such trust before the death of a surviving spouse made more than 10 years after the enactment date of this Act, and (2) assets remaining in such trust upon the death of the surviving spouse.
 
(Sec. 3) This section revises gift tax rates to lower the top rate to 35% and deems a transfer in trust to be a taxable gift unless the trust is treated as wholly-owned by the donor or the donor's spouse.
 
 The lifetime exemption for gifts is set at $5 million with a cost-of-living adjustment for calendar years beginning after 2011. The adjusted exemption amount in 2015 is $5.43 million.
 
(Sec. 4) The budgetary effects of this Act are exempted from entry on either PAYGO scorecard maintained under the Statutory Pay-As-You-Go Act of 2010. 


Legislative actions:
action_date: 2015-04-20
text: Received in the Senate.
action_date: 2015-04-16
text: On passage Passed by recorded vote: 240 - 179 (Roll no. 161). (text: CR H2275-2276)
action_date: 2015-04-16
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2015-04-16
text: Passed/agreed to in House: On passage Passed by recorded vote: 240 - 179 (Roll no. 161).(text: CR H2275-2276)
action_date: 2015-04-16
text: On motion to recommit with instructions Failed by the Yeas and Nays: 186 - 232 (Roll no. 160). (consideration: CR H2290-2291)
action_date: 2015-04-16
text: Considered as unfinished business. (consideration: CR H2290-2292)
action_date: 2015-04-16
text: POSTPONED PROCEEDINGS - At the conclusion of debate on the motion to recommit with instructions, the Chair put the question on adopting the motion and by voice vote, announced that the noes had prevailed. Mr. Nolan demanded the yeas and nays and pursuant to the order of the House of today, the Chair postponed further proceedings on the question of adoption until a time to be announced.
action_date: 2015-04-16
text: The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H2286)
action_date: 2015-04-16
text: DEBATE - The House proceeded with 10 minutes of debate on the motion to recommit with instructions, pending a reservation of a point of order. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment to add a section at the end of the bill titled Benefits Disallowed in Cases of Gift and Estate Tax Evasion. Subsequently, the reservation of a point of order was withdrawn.
action_date: 2015-04-16
text: Mr. Nolan moved to recommit with instructions to the Committee on Ways and Means. (consideration: CR H2285-2286; text: CR H2285)
action_date: 2015-04-16
text: The previous question was ordered pursuant to the rule. (consideration: CR H2285)
action_date: 2015-04-16
text: DEBATE - The House proceeded with one hour of debate on H.R. 1105.
action_date: 2015-04-16
text: This resolution provides for consideration of H.R. 622, H.R. 1105, and H.R. 1195.
action_date: 2015-04-16
text: Considered under the provisions of rule H. Res. 200. (consideration: CR H2275-2286)
action_date: 2015-04-06
text: Placed on the Union Calendar, Calendar No. 33.
action_date: 2015-04-06
text: Reported (Amended) by the Committee on Ways and Means. H. Rept. 114-52.
action_date: 2015-04-06
text: Reported (Amended) by the Committee on Ways and Means. H. Rept. 114-52.
action_date: 2015-03-25
text: Ordered to be Reported (Amended) by the Yeas and Nays: 22 - 10.
action_date: 2015-03-25
text: Committee Consideration and Mark-up Session Held.
action_date: 2015-02-26
text: Referred to the House Committee on Ways and Means.
action_date: 2015-02-26
text: Introduced in House
action_date: 2015-02-26
text: Introduced in House