3.0.0 3988 2025-05-27T14:15:52Z 2025-05-27T14:15:52Z Senate S S 2024-03-20 118 ssfi00 Finance Committee Senate Standing Referred To 2024-03-20T16:48:00Z 2024-03-20 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2024-03-20 Introduced in Senate IntroReferral 10000 9 Library of Congress W000779 Sen. Wyden, Ron [D-OR] Ron Wyden D OR N K000383 Sen. King, Angus S., Jr. [I-ME] Angus King I ME S. 2024-03-20 True Taxation Taxation 2024-04-12T13:45:47Z

00 2024-03-20 Introduced in Senate 2024-06-13T16:50:43Z <p><strong>Getting Rid of Abusive Trust Schemes Act or the GRATS Act</strong></p><p>This bill imposes new requirements on grantor retained annuity trusts (GRATs) to discourage tax avoidance schemes by wealthy taxpayers. Specifically, such trusts must have a minimum term of 15 years and a maximum term of the life expectancy of the annuitant plus 10 years. The bill also prohibits any decrease in a GRAT during its term and requires that the remainder interests in such trusts at the time of their transfer must have a minimum value for gift tax purposes.&nbsp;</p><p>The bill also treats a transfer of property between a GRAT and its deemed owner as a sale or exchange for income tax purposes, with specified exceptions.</p><p>The bill designates any income tax paid on the income of a GRAT as a gift for purposes of the gift tax unless the owner of the trust is reimbursed during the same calendar year. The amount of the gift may not be reduced through the use of certain deductions, including the charitable or marital deduction, or gifts of tuition or medical care.&nbsp;&nbsp; &nbsp;</p><p>&nbsp;</p>

Display Title 45 2024-07-24T15:18:55Z Short Title(s) as Introduced 101 2024-05-24T13:33:33Z Introduced in Senate IS Short Title(s) as Introduced 101 2024-05-24T13:33:33Z Introduced in Senate IS Official Title as Introduced 6 2024-04-04T23:43:58Z Introduced in Senate IS Introduced in Senate 2024-03-20T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-118s3988is/xml/BILLS-118s3988is.xml 2024-03-20 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.