Estate Tax Legislation in the 109th Congress (CRS Report for Congress)
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| Release Date |
Revised March 29, 2007 |
| Report Number |
RL32818 |
| Report Type |
Report |
| Authors |
Nonna A. Noto, Government and Finance Division |
| Source Agency |
Congressional Research Service |
| Older Revisions |
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Summary:
Under provisions of Title V of the Economic Growth and Tax ReliefReconciliation Act of 2001 (EGTRRA, pronounced egg-tra, P.L. 107-16), theapplicable exclusion amount under the estate tax will continue to increase from $2million for decedents who die in 2006 through 2008, to $3.5 million in 2009. Themaximum estate tax rate will continue to fall from 46% for decedents who died in2006, to 45% for 2007 through 2009.Effective January 1, 2010, the estate tax and generation-skipping transfer (GST)tax are scheduled to be repealed. The gift tax is to remain in place with a cumulativelifetime exclusion amount of $1 million and with a maximum marginal tax rate of35% (equal to the highest rate for the individual income tax in 2006 and thereafterunder EGTRRA). However, the estate tax repeal, and all other provisions ofEGTRRA, are scheduled to sunset at the end of 2010. Title IX or Section 901 ofEGTRRA states that the provisions of the act do not apply after December 31, 2010.
