,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #agf  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,janu>y #ag1 #bjai,mr4 
,cotton 7= himself1 ,mr4 ,boozman1 ,mr4 
,blunt1 & ,ms4 ,ern/7 introduc$ ! foll[+
 bill2 :i* 0 read twice & ref]r$ to !   
,committee on ,f9ance  ,a ,,bill  ,to   
am5d ! ,int]nal ,rev5ue ,code ( #aihf to
 r$uce ! rate ( tax on e/ates1 gifts1 & 
g5]ation-skipp+ transf]s4  #a4 ,%ort    
title ,?is ,act may be cit$ z ! ,e/ate  
,tax ,rate ,r$uction ,act4  #b4         
,r$uction ( rate ( tax on e/ates1 gifts1
 & g5]ation-skipp+ transf]s  7a7 ,9     
g5]al ,section #bjja ( ! ,int]nal       
,rev5ue ,code ( #aihf is am5d$-- 7#a7 by
 /rik+ subsection 7c7 & ins]t+ ! foll[+3
  7c7 ,rate ( tax ,= purposes ( det]m9+ 
! t5tative tax1 ! rate ( tax %all be #bj
 p]c5t ( ! am\nt ) respect to :i* !     
t5tative tax is comput$4  2 &  7#b7 9   
subsection 7g77#a71 by /rik+ rates ( tax
 "u subsection 7c7 & ins]t+ rate ( tax  
"u subsection 7c74  7b7 ,con=m+ am5dm5ts
  7#a7 ,section #bjef;,a7b77#b7 ( !     

,int]nal ,rev5ue ,code ( #aihf is       
am5d$--  7,a7 9 subp>agraph 7,b77i71 by 
/rik+ highe/2 &  7,b7 9 subp>agraph     
7,c71 by /rik+ highe/4  7#b7 ,section   
#bajg7;a7 ( su* ,code is am5d$ by /rik+ 
! table conta9$ 9 & ins]t+ ! rate ( tax 
"u4  7#c7 ,section #bbja7;a7 ( su* ,code
 is am5d$ by /rik+ ! rate s*$ule set =? 
9 section #bjja7;c7 & ins]t+ ! rate (   
tax "u section #bjja7;c74  7#d7 ,section
 #bfda ( su* ,code is am5d$ to read z   
foll[s3  #bfda4 ,applicable rate ,=     
purposes ( ?is *apt]1 ! t]m applicable  
rate means1 ) respect to any            
g5]ation-skipp+ transf]1 ! product (--  
7#a7 ! rate impos$ by section #bjja on !
 e/ates ( dec$5ts dy+ at ! "t ( !       
taxable di/ribution1 taxable t]m9ation1 
or direct skip1 z ! case may be1 &  7#b7
 ! inclusion ratio ) respect to !       
transf]4  4  7#e7 ,section #bhja7;a77#a7
 ( su* ,code is am5d$ by /rik+ ! highe/ 
rate ( tax specifi$ 9 ! table conta9$ 9 
& ins]t+ ! rate ( tax "u4  7#f7 ,section
 #ffja7;j77#b77;,a77i7 ( su* ,code is   

am5d$ by /rik+ ! rate s*$ule set =? 94  
7c7 ,effective date ,! am5dm5ts made by 
?is section %all apply to e/ates (      
dec$5ts dy+1 g5]ation-skipp+ transf]s1 &
 gifts made1 aft] ,decemb] #ca1 #bjai4  
7d7 ,budget>y effects  7#a7 ,,paygo     
scorec>d ,! budget>y effects ( ?is      
section %all n be ent]$ on ei!r ,,paygo 
scorec>d ma9ta9$ pursuant to section    
#d7;d7 ( ! ,/atutory ,pay-,z-,y-,g ,act 
( #bjaj 7#b ,u4,s4,c4 #icc7;d774  7#b7  
,s5ate ,,paygo scorec>d ,! budget>y     
effects ( ?is section %all n be ent]$ on
 any ,,paygo scorec>d ma9ta9$ = purposes
 ( section #dajf ( ,h4 ,con4 ,res4 #ga  
7#aae? ,congress71 ! concurr5t          
resolution on ! budget = fiscal ye>     
#bjah4