3.0.0 309 2022-11-01T15:17:45Z 2022-11-01T15:17:45Z Senate S 2019-01-31 116 ssfi00 Finance Committee Senate Standing Referred to 2019-01-31T21:46:40Z Preserving Family Farms Act of 2019 116 5259 HR 2019-11-22 Referred to the House Committee on Ways and Means. Related bill CRS For the 99.8 Percent Act 116 4857 HR 2019-10-24 Referred to the House Committee on Ways and Means. Identical bill CRS 2019-01-31 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S807-809) IntroReferral 2019-01-31 Introduced in Senate IntroReferral 10000 9 Library of Congress S000033 Sen. Sanders, Bernard [I-VT] Bernard Sanders I VT N G000555 Sen. Gillibrand, Kirsten E. [D-NY] Kirsten Gillibrand D NY E. 2019-02-06 False Taxation Farmland Land use and conservation Tax administration and collection, taxpayers Transfer and inheritance taxes Taxation 00 2019-01-31 Introduced in Senate 2019-11-05T21:17:35Z For the 99.8 Percent Act

This bill imposes increased tax rates on decedent estates, gifts, and generation-skipping transfers.

Estates with a value of over $1 billion are taxed at a 77% tax rate. The basic exclusion amount is reduced to $3.5 million.

The bill increases (1) to $3 million the reduction in valuations of farmland for estate tax purposes and adjusts such increased amount for inflation, and (2) to $2 million the maximum estate tax exclusion for contributions of conservation easements.

The bill requires (1) consistent basis reporting for property acquired by gift and transfers in trust, and (2) executors of estates and donors of gifts required to file a gift tax return to disclose to the Department of the Treasury, and to recipients of any interest in an estate or a gift, information identifying the value of each interest received.

The bill 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.

The bill 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 not more than the life expectancy of the annuitant plus 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 when transferred that is not less than the the greater of 25% of the fair market value of the trust property or $500,000. The bill also sets forth rules for the application of transfer taxes to a grantor trust (a trust in which the grantor retains control over the trust assets and has the right to receive income from the trust).

The bill eliminates the generation-skipping transfer tax exemption for any trust whose termination date is not greater than 50 years after its creation.

The bill modifies the gift tax exclusion for annual gifts (currently, $14,000).

]]> For the 99.8 Percent Act Display Title For the 99.8 Percent Act Short Title(s) as Introduced For the 99.8 Percent Act Introduced in Senate IS 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 Introduced in Senate 2019-01-31T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s309is/xml/BILLS-116s309is.xml 2019-01-31 Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S807-809) 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.