Bill Introduced to Repeal Estate and GST Taxes

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On March 30, 2011, a few members of the House Ways and Means Committee (Kevin Brady, R-Texas, joined by Mike Ross, D-Arkansas, Kristi Noem, D-South Dakota, Dan Boren, D-Oklahoma and Devin Nunes, R-California) introduced legislation, HR1259, to repeal the estate and generation-skipping transfer tax, effective on date of enactment. The legislation does not repeal the gift tax; it is maintained with a $5 million exemption and a 35% gift tax rate.

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