,,ii #aaf? ,,congress #a/ ,session ,s4 #bae ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,janu>y #bd1 #bjai ,mr4 ,?une 7= himself1 ,mr4 ,alex&]1 ,mr4 ,b>rasso1 ,mrs4 ,blackburn1 ,mr4 ,blunt1 ,mr4 ,boozman1 ,mr4 ,cornyn1 ,mr4 ,cram]1 ,mr4 ,crapo1 ,mr4 ,cruz1 ,mr4 ,da9es1 ,ms4 ,ern/1 ,mrs4 ,fis*]1 ,mr4 ,g>dn]1 ,mr4 ,grassley1 ,mr4 ,hoev51 ,mrs4 ,hyde-,smi?1 ,mr4 ,inh(e1 ,mr4 ,isakson1 ,mr4 ,k5n$y1 ,mr4 ,mc,connell1 ,mr4 ,moran1 ,mr4 ,ris*1 ,mr4 ,rob]ts1 ,mr4 ,r\nds1 ,mr4 ,"y1 ,mr4 ,cotton1 ,mr4 ,rubio1 & ,mr4 ,p]due7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to repeal ! e/ate & g5]ation-skipp+ transf] taxes1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,dea? ,tax ,repeal ,act ( #bjai4 #b4 ,repeal ( e/ate & g5]ation-skipp+ transf] taxes 7a7 ,e/ate ,tax ,repeal ,sub*apt] ,c ( *apt] #aa ( subtitle ,b ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new section3 #bbaj4 ,t]m9ation 7a7 ,9 g5]al ,except z provid$ 9 subsection 7b71 ?is *apt] %all n apply to ! e/ates ( dec$5ts dy+ on or aft] ! date ( ! enactm5t ( ! ,dea? ,tax ,repeal ,act ( #bjai4 7b7 ,c]ta9 ,di/ributions ,f ,qualifi$ ,dome/ic ,tru/s ,9 apply+ section #bjef;,a ) respect to ! surviv+ sp\se ( a dec$5t dy+ be=e ! date ( ! enactm5t ( ! ,dea? ,tax ,repeal ,act ( #bjai-- 7#a7 section #bjef;,a7b77#a77;,a7 %all n apply to di/ributions made aft] ! #aj-ye> p]iod beg9n+ on su* date1 & 7#b7 section #bjef;,a7b77#a77;,b7 %all n apply on or aft] su* date4 4 7b7 ,g5]ation-,skipp+ ,transf] ,tax ,repeal ,sub*apt] ,g ( *apt] #ac ( subtitle ,b ( su* ,code is am5d$ by add+ at ! end ! foll[+ new section3 #bffd4 ,t]m9ation ,?is *apt] %all n apply to g5]ation-skipp+ transf]s on or aft] ! date ( ! enactm5t ( ! ,dea? ,tax ,repeal ,act ( #bjai4 4 7c7 ,con=m+ ,am5dm5ts 7#a7 ,! table ( sections = sub*apt] ,c ( *apt] #aa ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new item3 ,sec4 #bbaj4 ,t]m9ation4 4 7#b7 ,! table ( sections = sub*apt] ,g ( *apt] #ac ( su* ,code is am5d$ by add+ at ! end ! foll[+ new item3 ,sec4 #bffd4 ,t]m9ation4 4 7d7 ,effective ,date ,! am5dm5ts made by ?is section %all apply to ! e/ates ( dec$5ts dy+1 & g5]ation-skipp+ transf]s1 aft] ! date ( ! enactm5t ( ?is ,act4 #c4 ,modifications ( gift tax 7a7 ,computation ( gift tax ,subsection 7a7 ( section #bejb ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ to read z foll[s3 7a7 ,computation ( tax 7#a7 ,9 g5]al ,! tax impos$ by section #beja = ea* cal5d> ye> %all be an am\nt equal to ! excess (-- 7,a7 a t5tative tax1 comput$ "u p>agraph 7#b71 on ! aggregate sum ( ! taxable gifts = su* cal5d> ye> & = ea* ( ! prec$+ cal5d> p]iods1 ov] 7,b7 a t5tative tax1 comput$ "u p>agraph 7#b71 on ! aggregate sum ( ! taxable gifts = ea* ( ! prec$+ cal5d> p]iods4 7#b7 ,rate s*$ule ,if ! am\nt ) respect to :i* ! t5tative tax to be comput$ is3,! t5tative tax is3 ,n ov] #aj1jjjah ( su* am\nt4 ,ov] #aj1jjj b n ov] #bj1jjja1hjj1 plus #bj ( ! excess ov] #aj1jjj4 ,ov] #bj1jjj b n ov] #dj1jjjc1hjj1 plus #bb ( ! excess ov] #bj1jjj4 ,ov] #dj1jjj b n ov] #fj1jjjh1bjj1 plus #bd ( ! excess ov] #dj1jjj4 ,ov] #fj1jjj b n ov] #hj1jjjac1jjj1 plus #bf ( ! excess ov] #fj1jjj4 ,ov] #hj1jjj b n ov] #ajj1jjjah1bjj1 plus #bh ( ! excess ov] #hj1jjj4 ,ov] #ajj1jjj b n ov] #aej1jjjbc1hjj1 plus #cj ( ! excess ov] #ajj1jjj4 ,ov] #aej1jjj b n ov] #bej1jjjch1hjj1 plus #cb ( ! excess ov] #aej1jjj4 ,ov] #bej1jjj b n ov] #ejj1jjjgj1hjj1 plus #cd ( ! excess ov] #bej1jjj4 ,ov] #ejj1jjjaee1hjj1 plus #ce ( ! excess ov] #ejj1jjj4 4 7b7 ,treatm5t ( ,c]ta9 ,transf]s 9 ,tru/ ,section #beaa ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new subsection3 7c7 ,treatm5t ( ,c]ta9 ,transf]s 9 ,tru/ ,not)/&+ any o!r provision ( ?is section & except z provid$ 9 regulations1 a transf] 9 tru/ %all be treat$ z a taxable gift "u section #bejc1 unless ! tru/ is treat$ z :olly own$ by ! donor or ! donor's sp\se "u subp>t ,e ( "p ,i ( sub*apt] ,j ( *apt] #a4 4 7c7 ,lifetime gift exemption 7#a7 ,9 g5]al ,p>agraph 7#a7 ( section #beje7;a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ to read z foll[s3 7#a7 ! am\nt ( ! t5tative tax :i* w\ld be det]m9$ "u ! rate s*$ule set =? 9 section #bejb7;a77#b7 if ! am\nt ) respect to :i* su* t5tative tax is to be comput$ 7 #aj1jjj1jjj1 r$uc$ by 4 7#b7 ,inflation adju/m5t ,section #beje ( su* ,code is am5d$ by add+ at ! end ! foll[+ new subsection3 7d7 ,inflation adju/m5t 7#a7 ,9 g5]al ,9 ! case ( any cal5d> ye> aft] #bjaa1 ! doll> am\nt 9 subsection 7a77#a7 %all be increas$ by an am\nt equal to-- 7,a7 su* doll> am\nt1 multipli$ by 7,b7 ! co/-(-liv+ adju/m5t det]m9$ "u section #a7;f77#c7 = su* cal5d> ye> by sub/itut+ cal5d> ye> #bjaj = cal5d> ye> #bjaf 9 subp>agraph 7,a77ii7 !re(4 7#b7 ,r\nd+ ,if any am\nt z adju/$ "u p>agraph 7#a7 is n a multiple ( #aj1jjj1 su* am\nt %all be r\nd$ to ! ne>e/ multiple ( #aj1jjj4 4 7d7 ,con=m+ am5dm5ts 7#a7 ,section #beje7;a7 ( su* ,code is am5d$ by /rik+ ! la/ s5t5ce4 7#b7 ,! head+ = section #beje ( su* ,code is am5d$ by /rik+ ,unifi$4 7#c7 ,! item 9 ! table ( sections = sub*apt] ,a ( *apt] #ab ( su* ,code relat+ to section #beje is am5d$ to read z foll[s3 ,sec4 #beje4 ,cr$it aga9/ gift tax4 4 7e7 ,effective date ,! am5dm5ts made by ?is section %all apply to gifts made on or aft] ! date ( ! enactm5t ( ?is ,act4 7f7 ,transition rule 7#a7 ,9 g5]al ,= purposes ( apply+ sections #ajae7;d71 #bejb1 & #beje ( ! ,int]nal ,rev5ue ,code ( #aihf1 ! cal5d> ye> 9 :i* ?is ,act is enact$ %all be treat$ z #b sep>ate cal5d> ye>s "o ( :i* ends on ! day be=e ! date ( ! enactm5t ( ?is ,act & ! o!r ( :i* beg9s on su* date ( enactm5t4 7#b7 ,application ( section #bejd7;b7 ,= purposes ( apply+ section #bejd7;b7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 ! cal5d> ye> 9 :i* ?is ,act is enact$ %all be treat$ z "o prec$+ cal5d> p]iod4