,,ii  #aafth ,,congress  #ast ,session  
,s4 #bae  ,,in ,,the ,,senate ,,of ,,the
 ,,united ,,states  ,january #bd1 #bjai 
,mr4 ,thune 7for himself1 ,mr4          
,alexander1 ,mr4 ,barrasso1 ,mrs4       
,blackburn1 ,mr4 ,blunt1 ,mr4 ,boozman1 
,mr4 ,cornyn1 ,mr4 ,cramer1 ,mr4 ,crapo1
 ,mr4 ,cruz1 ,mr4 ,daines1 ,ms4 ,ernst1 
,mrs4 ,fischer1 ,mr4 ,gardner1 ,mr4     
,grassley1 ,mr4 ,hoeven1 ,mrs4          
,hyde-,smith1 ,mr4 ,inhofe1 ,mr4        
,isakson1 ,mr4 ,kennedy1 ,mr4           
,mc,connell1 ,mr4 ,moran1 ,mr4 ,risch1  
,mr4 ,roberts1 ,mr4 ,rounds1 ,mr4       
,young1 ,mr4 ,cotton1 ,mr4 ,rubio1 and  
,mr4 ,perdue7 introduced the following  
bill2 which was read twice and referred 
to the ,committee on ,finance  ,a ,,bill
  ,to amend the ,internal ,revenue ,code
 of #aihf to repeal the estate and      
generation-skipping transfer taxes1 and 
for other purposes4  #a4 ,short title   
,this ,act may be cited as the ,death   
,tax ,repeal ,act of #bjai4  #b4 ,repeal
 of estate and generation-skipping      

transfer taxes  7a7 ,estate ,tax ,repeal
 ,subchapter ,c of chapter #aa of       
subtitle ,b of the ,internal ,revenue   
,code of #aihf is amended by adding at  
the end the following new section3      
#bbaj4 ,termination  7a7 ,in general    
,except as provided in subsection 7b71  
this chapter shall not apply to the     
estates of decedents dying on or after  
the date of the enactment of the ,death 
,tax ,repeal ,act of #bjai4  7b7        
,certain ,distributions ,from ,qualified
 ,domestic ,trusts ,in applying section 
#bjef;,a with respect to the surviving  
spouse of a decedent dying before the   
date of the enactment of the ,death ,tax
 ,repeal ,act of #bjai--  7#a7 section  
#bjef;,a7b77#a77;,a7 shall not apply to 
distributions made after the #aj-year   
period beginning on such date1 and  7#b7
 section #bjef;,a7b77#a77;,b7 shall not 
apply on or after such date4  4  7b7    
,generation-,skipping ,transfer ,tax    
,repeal ,subchapter ,g of chapter #ac of
 subtitle ,b of such ,code is amended by

 adding at the end the following new    
section3  #bffd4 ,termination ,this     
chapter shall not apply to              
generation-skipping transfers on or     
after the date of the enactment of the  
,death ,tax ,repeal ,act of #bjai4  4   
7c7 ,conforming ,amendments  7#a7 ,the  
table of sections for subchapter ,c of  
chapter #aa of the ,internal ,revenue   
,code of #aihf is amended by adding at  
the end the following new item3  ,sec4  
#bbaj4 ,termination4  4  7#b7 ,the table
 of sections for subchapter ,g of       
chapter #ac of such ,code is amended by 
adding at the end the following new     
item3  ,sec4 #bffd4 ,termination4  4    
7d7 ,effective ,date ,the amendments    
made by this section shall apply to the 
estates of decedents dying1 and         
generation-skipping transfers1 after the
 date of the enactment of this ,act4    
#c4 ,modifications of gift tax  7a7     
,computation of gift tax ,subsection 7a7
 of section #bejb of the ,internal      
,revenue ,code of #aihf is amended to   

read as follows3  7a7 ,computation of   
tax  7#a7 ,in general ,the tax imposed  
by section #beja for each calendar year 
shall be an amount equal to the excess  
of-- 7,a7 a tentative tax1 computed     
under paragraph 7#b71 on the aggregate  
sum of the taxable gifts for such       
calendar year and for each of the       
preceding calendar periods1 over  7,b7 a
 tentative tax1 computed under paragraph
 7#b71 on the aggregate sum of the      
taxable gifts for each of the preceding 
calendar periods4  7#b7 ,rate schedule  
,if the amount with respect to which the
 tentative tax to be computed is3,the   
tentative tax is3 ,not over #aj1jjjah of
 such amount4 ,over #aj1jjj but not over
 #bj1jjja1hjj1 plus #bj of the excess   
over #aj1jjj4 ,over #bj1jjj but not over
 #dj1jjjc1hjj1 plus #bb of the excess   
over #bj1jjj4 ,over #dj1jjj but not over
 #fj1jjjh1bjj1 plus #bd of the excess   
over #dj1jjj4 ,over #fj1jjj but not over
 #hj1jjjac1jjj1 plus #bf of the excess  
over #fj1jjj4 ,over #hj1jjj but not over

 #ajj1jjjah1bjj1 plus #bh of the excess 
over #hj1jjj4 ,over #ajj1jjj but not    
over #aej1jjjbc1hjj1 plus #cj of the    
excess over #ajj1jjj4 ,over #aej1jjj but
 not over #bej1jjjch1hjj1 plus #cb of   
the excess over #aej1jjj4 ,over #bej1jjj
 but not over #ejj1jjjgj1hjj1 plus #cd  
of the excess over #bej1jjj4 ,over      
#ejj1jjjaee1hjj1 plus #ce of the excess 
over #ejj1jjj4  4  7b7 ,treatment of    
,certain ,transfers in ,trust ,section  
#beaa of the ,internal ,revenue ,code of
 #aihf is amended by adding at the end  
the following new subsection3  7c7      
,treatment of ,certain ,transfers in    
,trust ,notwithstanding any other       
provision of this section and except as 
provided in regulations1 a transfer in  
trust shall be treated as a taxable gift
 under section #bejc1 unless the trust  
is treated as wholly owned by the donor 
or the donor's spouse under subpart ,e  
of part ,i of subchapter ,j of chapter  
#a4  4  7c7 ,lifetime gift exemption    
7#a7 ,in general ,paragraph 7#a7 of     

section #beje7;a7 of the ,internal      
,revenue ,code of #aihf is amended to   
read as follows3  7#a7 the amount of the
 tentative tax which would be determined
 under the rate schedule set forth in   
section #bejb7;a77#b7 if the amount with
 respect to which such tentative tax is 
to be computed were #aj1jjj1jjj1 reduced
 by  4  7#b7 ,inflation adjustment      
,section #beje of such ,code is amended 
by adding at the end the following new  
subsection3  7d7 ,inflation adjustment  
7#a7 ,in general ,in the case of any    
calendar year after #bjaa1 the dollar   
amount in subsection 7a77#a7 shall be   
increased by an amount equal to-- 7,a7  
such dollar amount1 multiplied by  7,b7 
the cost-of-living adjustment determined
 under section #a7;f77#c7 for such      
calendar year by substituting calendar  
year #bjaj for calendar year #bjaf in   
subparagraph 7,a77ii7 thereof4  7#b7    
,rounding ,if any amount as adjusted    
under paragraph 7#a7 is not a multiple  
of #aj1jjj1 such amount shall be rounded

 to the nearest multiple of #aj1jjj4  4 
7d7 ,conforming amendments  7#a7        
,section #beje7;a7 of such ,code is     
amended by striking the last sentence4  
7#b7 ,the heading for section #beje of  
such ,code is amended by striking       
,unified4  7#c7 ,the item in the table  
of sections for subchapter ,a of chapter
 #ab of such ,code relating to section  
#beje is amended to read as follows3    
,sec4 #beje4 ,credit against gift tax4  
4  7e7 ,effective date ,the amendments  
made by this section shall apply to     
gifts made on or after the date of the  
enactment of this ,act4  7f7 ,transition
 rule  7#a7 ,in general ,for purposes of
 applying sections #ajae7;d71 #bejb1 and
 #beje of the ,internal ,revenue ,code  
of #aihf1 the calendar year in which    
this ,act is enacted shall be treated as
 #b separate calendar years one of which
 ends on the day before the date of the 
enactment of this ,act and the other of 
which begins on such date of enactment4 
7#b7 ,application of section #bejd7;b7  

,for purposes of applying section       
#bejd7;b7 of the ,internal ,revenue     
,code of #aihf1 the calendar year in    
which this ,act is enacted shall be     
treated as one preceding calendar       
period4