3.0.0 4061 2023-01-11T13:26:59Z 2023-01-11T13:26:59Z House H HR 2014-02-14 113 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. McDERMOTT:H.R. 4061.Congress has the power to enact this legislation pursuantto the following:Clause 1 of Section 8 of Article 1 of the United StatesConstitution[Page H1777]]]> hswm00 Ways and Means Committee House Standing Referred to 2014-02-14T19:00:30Z Balancing Act 113 505 HR 2013-04-23 Referred to the Subcommittee on Higher Education and Workforce Training. Related bill CRS Responsible Estate Tax Act 113 2899 S 2014-09-18 Read twice and referred to the Committee on Finance. Related bill CRS 2014-02-14 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2014-02-14 Introduced in House IntroReferral Intro-H 9 Library of Congress 2014-02-14 Introduced in House IntroReferral 1000 9 Library of Congress 2014-02-11 Sponsor introductory remarks on measure. (CR E203) IntroReferral B00100 9 Library of Congress M000404 Rep. McDermott, Jim [D-WA-7] JIM MCDERMOTT D WA 7 N Taxation Farmland Tax administration and collection, taxpayers Transfer and inheritance taxes Taxation 00 2014-02-14 Introduced in House 2014-03-05T14:44:41Z Sensible Estate Tax Act of 2014 - Amends the Internal Revenue Code to: (1) establish new estate tax rates of between 41% (for estates with a value in excess of $1,000,000) and 55% (for estates with a value in excess of $10 million), (2) allow a $1 million estate tax exclusion, and (3) provide for an inflation adjustment to such amounts for decedents dying after 2014.

Restores the estate tax credit for any estate, inheritance, legacy, or succession taxes paid to a state (expired after 2004). Repeals the deduction currently allowed for such taxes.

Sets forth estate valuation rules for certain transfers of nonbusiness assets and limits estate tax discounts for certain individuals with minority interests in a business acquired from a decedent.

Requires that the value of the basis in any property acquired from a decedent or by gift be consistent with the basis as determined for estate and gift tax purposes. Requires executors of estates and donors of gifts required to file a gift tax return to disclose to the Secretary of the Treasury, and to recipients of any interest in an estate or a gift, information identifying the value of each interest received.

Expands rules for valuing assets in grantor retained annuity trusts to require that: (1) the right to receive fixed amounts from an annuity last for a term of not less than 10 years and that such fixed amounts not decrease during the first 10 years of the annuity term, and (2) the remainder interest have a value greater than zero when transferred.

Terminates the generation-skipping transfer exemption for certain long-term trusts (perpetual dynasty trusts) 90 years after the establishment of such trusts.

]]> Sensible Estate Tax Act of 2014 Display Title Sensible Estate Tax Act of 2014 Official Title as Introduced To amend the Internal Revenue Code of 1986 to reform the estate and gift tax. Introduced in House IH Short Titles as Introduced Sensible Estate Tax Act of 2014 Introduced in House 2014-02-14T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr4061ih/xml/BILLS-113hr4061ih.xml 2014-02-14 Referred to the House Committee on Ways and Means. 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.