For the 99.5 Percent Act

3.0.0 2676 2026-01-09T22:39:38Z 2026-01-09T22:39:38Z House H HR 2023-04-18 118 https://www.congress.gov/bill/118th-congress/house-bill/2676 <pre>[Congressional Record Volume 169, Number 64 (Tuesday, April 18, 2023)][House]From the Congressional Record Online through the Government Publishing Office [<a href="https://www.gpo.gov">www.gpo.gov</a>]By Mr. GOMEZ:H.R. 2676.Congress has the power to enact this legislation pursuantto the following:Clause 1 of Section 8 of Article 1 of the Constitution andAmendment XVI of the Constitution.The single subject of this legislation is:Taxation[Page H1847]</pre> hswm00 Ways and Means Committee House Standing Referred To 2023-04-18T14:06:00Z For the 99.5 Percent Act 118 1178 S 2023-04-18 Read twice and referred to the Committee on Finance. Identical bill CRS 2023-04-18 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2023-04-18 Introduced in House IntroReferral Intro-H 9 Library of Congress 2023-04-18 Introduced in House IntroReferral 1000 9 Library of Congress G000585 Rep. Gomez, Jimmy [D-CA-34] Jimmy Gomez D CA 34 N N000147 Del. Norton, Eleanor Holmes [D-DC-At Large] ELEANOR NORTON D DC HOLMES 0 2023-04-18 True W000822 Rep. Watson Coleman, Bonnie [D-NJ-12] Bonnie Watson Coleman D NJ 12 2023-04-18 True B000574 Rep. Blumenauer, Earl [D-OR-3] EARL BLUMENAUER D OR 3 2023-04-18 True P000617 Rep. Pressley, Ayanna [D-MA-7] Ayanna Pressley D MA 7 2023-04-18 True S001218 Rep. Stansbury, Melanie Ann [D-NM-1] Melanie Stansbury D NM Ann 1 2023-04-18 True T000481 Rep. Tlaib, Rashida [D-MI-12] Rashida Tlaib D MI 12 2023-04-18 True B001224 Rep. Bush, Cori [D-MO-1] Cori Bush D MO 1 2023-04-18 True L000551 Rep. Lee, Barbara [D-CA-12] BARBARA LEE D CA 12 2023-04-18 True S001145 Rep. Schakowsky, Janice D. [D-IL-9] JANICE SCHAKOWSKY D IL D. 9 2023-04-18 True T000487 Rep. Tokuda, Jill N. [D-HI-2] Jill Tokuda D HI N. 2 2023-04-18 True C001080 Rep. Chu, Judy [D-CA-28] Judy Chu D CA 28 2023-04-18 True G000586 Rep. Garcia, Jesus G. "Chuy" [D-IL-4] Jesus Garcia D IL G. 4 2023-04-18 True M001188 Rep. Meng, Grace [D-NY-6] Grace Meng D NY 6 2023-04-18 True J000298 Rep. Jayapal, Pramila [D-WA-7] Pramila Jayapal D WA 7 2023-04-18 True G000551 Rep. Grijalva, Raúl M. [D-AZ-7] Raúl Grijalva D AZ M. 7 2023-04-18 True E000297 Rep. Espaillat, Adriano [D-NY-13] Adriano Espaillat D NY 13 2023-04-18 True D000096 Rep. Davis, Danny K. [D-IL-7] DANNY DAVIS D IL K. 7 2023-04-18 True D000216 Rep. DeLauro, Rosa L. [D-CT-3] ROSA DELAURO D CT 3 2023-04-18 True C001131 Rep. Casar, Greg [D-TX-35] Greg Casar D TX 35 2023-04-18 True B001300 Rep. Barragan, Nanette Diaz [D-CA-44] Nanette Barragan D CA Diaz 44 2023-04-18 True P000607 Rep. Pocan, Mark [D-WI-2] Mark Pocan D WI 2 2023-04-18 True P000604 Rep. Payne, Donald M., Jr. [D-NJ-10] Donald Payne D NJ M. 10 2023-04-18 True D000623 Rep. DeSaulnier, Mark [D-CA-10] Mark DeSaulnier D CA 10 2023-04-18 True T000472 Rep. Takano, Mark [D-CA-39] Mark Takano D CA 39 2023-04-18 True O000173 Rep. Omar, Ilhan [D-MN-5] Ilhan Omar D MN 5 2023-04-18 True M000312 Rep. McGovern, James P. [D-MA-2] JAMES MCGOVERN D MA P. 2 2023-04-18 True L000602 Rep. Lee, Summer L. [D-PA-12] Summer Lee D PA L. 12 2023-04-19 False E000296 Rep. Evans, Dwight [D-PA-3] Dwight Evans D PA 3 2023-04-19 False C001072 Rep. Carson, Andre [D-IN-7] André Carson D IN 7 2023-05-11 False N000179 Rep. Napolitano, Grace F. [D-CA-31] GRACE NAPOLITANO D CA F. 31 2023-05-11 False K000389 Rep. Khanna, Ro [D-CA-17] Ro Khanna D CA 17 2023-05-15 False L000582 Rep. Lieu, Ted [D-CA-36] Ted Lieu D CA 36 2023-05-24 False C001068 Rep. Cohen, Steve [D-TN-9] Steve Cohen D TN 9 2024-01-09 False Taxation Taxation 2023-04-26T14:15:17Z

00 2023-04-18 Introduced in House 2023-04-26T18:11:21Z For the 99.5 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 65% 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. It also increases to 60% the applicable percentage for such exclusion. 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). <he> The bill eliminates the generation-skipping transfer tax exemption for transfers to certain persons. The bill modifies the tax exclusion for annual gifts to eliminate the present interest requirement for such exclusion and to impose a new, aggregate per donor limit equal to twice the annual exclusion amount in effect for the taxable year. It also provides for a gross up of taxable gifts in specified calendar years. The bill defines executor for purposes of the Internal Revenue Code.

For the 99.5 Percent Act Display Title 45 For the 99.5 Percent Act 2024-07-24T15:22:39Z Short Title(s) as Introduced 101 For the 99.5 Percent Act 2024-05-24T13:40:51Z Introduced in House IH Official Title as Introduced 6 To amend the Internal Revenue Code of 1986 to reinstate estate and generation-skipping taxes, and for other purposes. 2024-03-18T20:37:52Z Introduced in House IH Introduced in House 2023-04-18T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-118hr2676ih/xml/BILLS-118hr2676ih.xml 2023-04-18 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.