Summary

A bill to amend the Internal Revenue Code of 1986 to repeal the estate and generation-skipping transfer taxes, and for other purposes. Read More

Status

This bill was introduced on Mar 28, 2012, in a previous session of Congress, but was not passed.

Bill Text

A BILL

To amend the Internal Revenue Code of 1986 to repeal the estate and generation-skipping transfer taxes, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Death Tax Repeal Permanency Act of 2012''.

SEC. 2. REPEAL OF ESTATE AND GENERATION-SKIPPING TRANSFER TAXES.

(a) Estate Tax Repeal.--Subchapter C of chapter 11 of subtitle B of the Internal Revenue Code of 1986 is amended by adding at the end the following new section:

``SEC. 2210. TERMINATION.

``(a) In General.--Except as provided in subsection (b), this chapter shall not apply to the estates of decedents dying on or after the date of the enactment of the Death Tax Repeal Permanency Act of 2012. ``(b) Certain Distributions From Qualified Domestic Trusts.--In applying section 2056A with respect to the surviving spouse of a decedent dying before the date of the enactment of the Death Tax Repeal Permanency Act of 2012-- ``(1) section 2056A(b)(1)(A) shall not apply to distributions made after the 10-year period beginning on such date, and ``(2) section 2056A(b)(1)(B) shall not apply on or after such date.''. (b) Generation-Skipping Transfer Tax Repeal.--Subchapter G of chapter 13 of subtitle B of such Code is amended by adding at the end the following new section:

``SEC. 2664. TERMINATION.

``This chapter shall not apply to generation-skipping transfers on or after the date of the enactment of the Death Tax Repeal Permanency Act of...

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Bill Summary

S. 2241the GI Bill Consumer Awareness Act S. 2243the Medicare Better Health Rewards Program Act