3.0.0 3533 2023-01-11T13:19:46Z 2023-01-11T13:19:46Z Senate S S 2010-06-24 111 ssfi00 Finance Committee Senate Standing Referred to 2010-06-24T21:00:53Z Responsible Estate Tax Act 111 5764 HR 2010-07-15 Referred to the House Committee on Ways and Means. Identical bill CRS 2010-06-24 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2010-06-24 Introduced in Senate IntroReferral 10000 9 Library of Congress S000033 Sen. Sanders, Bernard [I-VT] Bernard Sanders I VT N W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI 2010-06-24 True H000206 Sen. Harkin, Tom [D-IA] THOMAS HARKIN D IA RICHARD 2010-06-24 True B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH 2010-06-24 True F000457 Sen. Franken, Al [D-MN] Al Franken D MN 2010-06-24 True Taxation Farmland Tax administration and collection, taxpayers Transfer and inheritance taxes Taxation 00 2010-06-24 Introduced in Senate 2010-08-06T15:41:35Z Responsible Estate Tax Act - Repeals provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) eliminating the tax on estates and generation-skipping transfers and the step-up in basis provisions for property acquired from a decedent for estates of decedents dying after 2009 (thus restoring prior law). Declares that the sunset provision (general terminating date of December 10, 2010) of EGTRRA shall not apply to title V of such Act ( Estate, Gift, and Generation-Skipping Transfer Tax Provisions).

Amends the Internal Revenue Code to: (1) revise estate tax brackets for estates over $750,000 and impose a maximum tax rate of 55% on estates over $50 million; (2) impose a 10% surtax on estates over $500 million; (3) increase to $3 million the reduction in valuations of farmland for estate tax puposes; (4) increase to $2 million the maximum estate tax exclusion for contributions of conservation easements; (5) require executors of estates to file information returns and provide valuations and consistent basis information to persons acquiring property from decedents or by gift; (6) set forth estate valuation rules for certain transfers of nonbusiness assets and limit estate tax discounts for certain individuals with minority interests in a business acquired from a decedent; and (7) revise rules for valuing assets in grantor retained annuity trusts to require that the right to receive fixed amounts from an annuity last for a term of not less than 10 years, that such fixed amounts not decrease during the first 10 years of the annuity term, and that the remainder interest have a value greater than zero when transferred.

]]> Responsible Estate Tax Act Display Title Responsible Estate Tax Act Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to reinstate estate and generation-skipping taxes, and for other purposes. Introduced in Senate IS Short Titles as Introduced Responsible Estate Tax Act Introduced in Senate 2010-06-24T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111s3533is/xml/BILLS-111s3533is.xml 2010-06-24 Read twice and referred to the Committee on Finance. 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. 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.