To amend the Internal Revenue Code of 1986 to reinstate estate and generation-skipping taxes, and for other purposes.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
The bill requires modifications to estate, gift, and generation-skipping transfer taxes Section 2001(c) of the Internal Revenue Code of 1986 is amended by striking the last 2 rows and inserting the following: Over $750,000 but, requires modification of estate tax rules with respect to land subject to conservation easements Subparagraph (B) of section 2031(c)(1) of the Internal Revenue Code of 1986 is amended by striking $500,000 and inserting, and creates clarification regarding disallowance of step-up in basis for property held in certain grantor trusts Section 1014 of the Internal Revenue Code of 1986 is amended— by redesignating subsection (f) as subsection. It relies on definition changes, compliance mandates, tax rate changes, and grants. The main policy areas are Regulated Industries, Agriculture, and Finance.
Who Benefits and How
Public beneficiaries or protected communities affected by the clause could face reduced risk and Regulated entities and members of the public affected by the bill could gain revenue opportunities.
Who Bears the Burden and How
Federal, state, or local agencies responsible for implementing the clause would take on compliance duties, Regulated entities and members of the public affected by the bill could lose revenue opportunities, and Public beneficiaries or protected communities affected by the clause could face increased risk.
Key Provisions
- Requires modifications to estate, gift, and generation-skipping transfer taxes Section 2001(c) of the Internal Revenue Code of 1986 is amended by striking the last 2 rows and inserting the following: Over $750,000 but...
- Requires modification of estate tax rules with respect to land subject to conservation easements Subparagraph (B) of section 2031(c)(1) of the Internal Revenue Code of 1986 is amended by striking $500,000 and inserting...
- Creates clarification regarding disallowance of step-up in basis for property held in certain grantor trusts Section 1014 of the Internal Revenue Code of 1986 is amended— by redesignating subsection (f) as subsection...
- Requires limitation on discounts; valuation rules for certain transfers of nonbusiness assets Chapter 14 of subtitle B of the Internal Revenue Code of 1986 is amended by adding at the end the following new section...
- Requires limitation on discounts; valuation rules for certain transfers of nonbusiness assets.
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
The bill requires modifications to estate, gift, and generation-skipping transfer taxes Section 2001(c) of the Internal Revenue Code of 1986 is amended by striking the last 2 rows and inserting the following: Over $750,000 but, requires modification of estate tax rules with respect to land subject to conservation easements Subparagraph (B) of section 2031(c)(1) of the Internal Revenue Code of 1986 is amended by striking $500,000 and inserting, and creates clarification regarding disallowance of step-up in basis for property held in certain grantor trusts Section 1014 of the Internal Revenue Code of 1986 is amended— by redesignating subsection (f) as subsection.
Key Policy Areas
Regulated Industries, Agriculture, Finance
Primary Purpose
The bill requires modifications to estate, gift, and generation-skipping transfer taxes Section 2001(c) of the Internal Revenue Code of 1986 is amended by striking the last 2 rows and inserting the following: Over $750,000 but, requires modification of estate tax rules with respect to land subject to conservation easements Subparagraph (B) of section 2031(c)(1) of the Internal Revenue Code of 1986 is amended by striking $500,000 and inserting, and creates clarification regarding disallowance of step-up in basis for property held in certain grantor trusts Section 1014 of the Internal Revenue Code of 1986 is amended— by redesignating subsection (f) as subsection.
Policy Domains
Whole bill
Identified Gains
- Public beneficiaries or protected communities affected by the clause
- Regulated entities and members of the public affected by the bill
Identified Costs
- Federal, state, or local agencies responsible for implementing the clause
- Regulated entities and members of the public affected by the bill
- Public beneficiaries or protected communities affected by the clause
- Businesses and employers affected by the bill
- Agricultural producers and rural communities affected by the bill
Sponsors
Legislative Progress
IntroducedMr. Sanders (for himself and Ms. Warren) introduced the following …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
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