,i  #aai? ,,congress  #a/ ,session  ,h4 
,r4 #biab  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,april #ad1 #bjbe,ms4 
,lee ( ,p5nsylvania 7= h]self1 ,ms4     
,tlaib1 ,mr4 ,nadl]1 ,mr4 ,fro/1 ,ms4   
,norton1 ,ms4 ,dean ( ,p5nsylvania1     
,mrs4 ,ramirez1 ,mr4 ,huffman1 ,mrs4    
,f\%ee1 & ,mrs4 ,watson ,coleman7       
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,ways & ,means  ,a     
,,bill  ,to am5d ! ,int]nal ,rev5ue     
,code ( #aihf to e/abli% a weal? tax1 & 
= o!r purposes4  #a4 ,%ort title ,?is   
,act may be cit$ z ! ,olig>* ,act (     
#bjbe4  #b4 ,imposition ( weal? tax  7a7
 ,9 g5]al ,! ,int]nal ,rev5ue ,code (   
#aihf is am5d$ by ins]t+ aft] subtitle  
,b ! foll[+ new subtitle3  ,b-#a ,weal? 
tax  ,*apt] #ah--;,det]m9ation ( weal?  
tax  #ah ,det]m9ation ( weal? tax  ,sec4
 #bija4 ,imposition ( tax4 ,sec4 #bijb4 
,net value ( taxable assets4 ,sec4      
#bijc4 ,special rules4 ,sec4 #bijd4     
,in=mation report+4 ,sec4 #bije4        
,en=cem5t4  #bija4 ,imposition ( tax    

7a7 ,9 g5]al ,9 ! case ( any applicable 
taxpay]1 a tax is h]eby impos$ on ! net 
value ( all taxable assets ( ! taxpay]  
on ! la/ day ( any cal5d> ye>4  7b7     
,computation ( tax  7#a7 ,individuals ,9
 ! case ( an individual1 ! tax impos$ by
 ?is section %all be equal to ! sum (-- 
7,a7 #b p]c5t ( s mu* ( ! net value (   
all taxable assets ( ! taxpay] z exce$ !
 ?re%old am\nt b d n exce$ ! product (  
#aj multipli$ by ?re%old am\nt1  7,b7 #d
 p]c5t ( s mu* ( ! net value ( all      
taxable assets ( ! taxpay] z exce$ !    
product ( #aj multipli$ by ! ?re%old    
am\nt b d n exce$ ! product ( #ajj      
multipli$ by ! ?re%old am\nt1  7,c7 #f  
p]c5t ( s mu* ( ! net value ( all       
taxable assets ( ! taxpay] z exce$ !    
product ( #ajj multipli$ by ! ?re%old   
am\nt b d n exce$ ! product ( #a1jjj    
multipli$ by ! ?re%old am\nt1 plus  7,d7
 #h p]c5t ( s mu* ( ! net value ( all   
taxable assets ( ! taxpay] z exce$ !    
product ( #a1jjj multipli$ by ! ?re%old 
am\nt4  7#b7 ,tru/s ,9 ! case ( a tru/1 

! tax impos$ by ?is section %all be     
equal to #h p]c5t ( s mu* ( ! net value 
( all taxable assets ( ! taxpay] z exce$
 ! ?re%old am\nt4  7c7 ,applicable      
taxpay]  7#a7 ,9 g5]al ,! t]m applicable
 taxpay] means any individual or any    
tru/ 7o!r ?an a tru/ describ$ 9 section 
#dja7;a7 & exempt f tax "u section      
#eja7;a774  7#b7 ,treatm5t ( m>ri$      
individuals ,= purposes ( ?is section1  
individuals :o are m>ri$ 7z def9$ 9     
section #ggjc7 %all be treat$ z "o      
applicable taxpay]4  7d7 ,?re%old am\nt 
,= purposes ( ?is section1 ! t]m ?re%old
 am\nt means ! am\nt t is ! product (   
#a1jjj multipli$ by ! great] (-- 7#a7   
#ej1jjj1 or  7#b7 ! applicable m$ian    
h\sehold weal?4  7e7 ,applicable m$ian  
h\sehold weal? ,! ,secret>y %all        
annually det]m9e ! m$ian h\sehold weal? 
) respect to ! ,unit$ ,/ates = purposes 
( ?is section4  7f7 ,application to     
tru/s  7#a7 ,attribution ( assets 9 tru/
 ,9 det]m9+ ! assets ( a taxpay] =      
purposes ( subsection 7a73 7,a7 ,grantor

 tru/ ,9 ! case ( a grantor tru/1 !     
grantor %all be treat$ z hold+ all !    
assets ( ! tru/4  7,b7 ,b5efici>y tru/  
,9 ! case ( a b5efici>y tru/1 ea*       
b5efici>y ( ! tru/ %all be treat$ z     
hold+ a fraction ( ! assets ( ! tru/ 9  
proportion to su* b5efici>y's int]e/ 9  
su* tru/4  7#b7 ,prop]ty ( tru/s ,any   
asset treat$ z held by a grantor or     
b5efici>y "u p>agraph 7#a7 %all n be    
treat$ z held by ! tru/ = purposes ( ?is
 section4  7#c7 ,tru/s relat+ to common 
b5efici>ies ,tru/s b5efitt+ sub/antially
 ! same b5efici>ies %all be treat$ z a  
s+le applicable taxpay] = purposes ( ?is
 section4  7#d7 ,def9itions ,= purposes 
( ?is section3 7,a7 ,grantor tru/ ,! t]m
 grantor tru/ means a tru/ 9 :i* a      
taxpay] is treat$ z own+ an asset ( !   
tru/ "u subp>t ,e ( "p ,i ( sub*apt] ,j 
( *apt] #a4  7,b7 ,b5efici>y tru/ ,! t]m
 b5efici>y tru/ means any tru/ t is n a 
grantor tru/4  7g7 ,regulations ,!      
,secret>y %all issue su* regulations or 
o!r guidance z may be necess>y or       

appropriate to c>ry out ! purposes ( ?is
 section1 includ+-- 7#a7 regulations    
e/abli%+ a process by :i* a b5efici>y   
may demon/rate ! portion ( su*          
b5efici>y's int]e/ 9 a tru/1 &  7#b7    
regulations = det]m9+ ! appropriate     
attribution ( assets 9 a tru/ = purposes
 ( subsection 7e77#a7 9 ! case ( a tru/ 
) multiple grantors4  #bijb4 ,net value 
( taxable assets  7a7 ,9 g5]al ,=       
purposes ( ?is subtitle1 ! t]m net value
 ( all taxable assets means1 z ( any    
date1 ! excess (-- 7#a7 ! value ( all   
prop]ty ( ! taxpay] 7o!r ?an prop]ty    
exclud$ "u subsection 7b771 real or     
p]sonal1 tangible or intangible1 :]ev]  
situat$1 ov]  7#b7 any debts 7includ+   
any debts secur$ by prop]ty exclud$ "u  
subsection 7b77 ow$ by ! taxpay]4  7b7  
,exclusion = c]ta9 assets "u #ej1jjj    
,prop]ty ( ! taxpay] %all n be tak5 into
 acc\nt "u subsection 7a7 if su*        
prop]ty-- 7#a7 has a value ( #ej1jjj or 
less 7det]m9$ )\t reg>d to any debt ow$ 
by ! taxpay] ) respect to su* prop]ty71 

7#b7 is tangible p]sonal prop]ty1 &     
7#c7 is n prop]ty-- 7,a7 :i* is us$ 9 a 
trade or bus9ess ( ! taxpay]1  7,b7 9   
connection ) :i* a d$uction is all[able 
"u section #bab1 or  7,c7 :i* is a      
collectible z def9$ 9 section #djh7m71 a
 boat1 an aircraft1 a mobile home1 a    
trail]1 a vehicle1 or an antique or o!r 
asset t ma9ta9s or increases its value  
ov] "t 7)9 ! mean+ ( section #e4jb7b7 ( 
,rev5ue ,proc$ure #bjah-jh74  7c7 ,rules
 = det]m9+ prop]ty ( ! taxpay] ,=       
purposes ( ?is subtitle3 7#a7 ,prop]ty  
includ$ 9 e/ate ,any prop]ty t w\ld be  
includ$ 9 ! e/ate ( ! taxpay] if !      
taxpay] di$ %all be treat$ z prop]ty ( !
 taxpay]4  7#b7 ,inclusion ( c]ta9 gifts
 ,any prop]ty transf]r$ by ! taxpay]    
aft] ! date ( ! enactm5t ( ?is *apt]1 to
 an individual :o is a memb] ( ! family 
( ! taxpay] 7z det]m9$ "u section       
#bfg7;c77#d77 & has n atta9$ ! age ( #ah
 %all be treat$ z prop]ty ( ! taxpay] = 
any cal5d> ye> be=e ! ye> 9 :i* su*     
individual atta9s ! age ( #ah4  7d7     

,e/abli%m5t ( valuation rules ,n lat]   
?an #ab mon?s aft] ! date ( ! enactm5t (
 ?is section1 ! ,secret>y %all e/abli%  
rules & me?ods = det]m9+ ! value ( any  
asset = purposes ( ?is subtitle1 includ+
 rules = ! valuation ( assets t are n   
publicly trad$ or t d n h a readily     
asc]ta9able value4 ,su* rules & me?ods--
 7#a7 may utilize retrospective &       
prospective =mulaic valuation me?ods n  
curr5tly 9 use by ! ,secret>y1  7#b7 may
 require ! use ( =mulaic valuation      
approa*es = designat$ assets1 includ+   
=mulaic approa*es bas$ on proxies =     
det]m9+ presumptive valuations1 =mulaic 
approa*es bas$ on prospective adju/m5ts 
f pur*ase prices or o!r prior ev5ts1 or 
=mulaic approa*es bas$ on               
retrospectively add+ def]ral *>ges bas$ 
on ev5tual sale prices or o!r specifi$  
lat] ev5ts indicative ( valuation1 &    
7#c7 may address ! use ( valuation      
disc\nts4  #bijc4 ,special rules  7a7   
,deceas$ individuals  7#a7 ,9 g5]al ,9 !
 case ( any individual :o dies dur+ a   

cal5d> ye> & :o is n m>ri$ on ! date (  
su* individual's dea?-- 7,a7 section    
#bija %all be appli$ by sub/itut+ ! date
 ( ! applicable taxpay]'s dea? = ! la/  
day ( any cal5d> ye>1 &  7,b7 ! am\nt ( 
! tax impos$ "u su* section %all be     
r$uc$ by an am\nt :i* be>s ! same ratio 
to su* am\nt 7det]m9$ )\t reg>d to ?is  
subsection7 z-- 7i7 ! numb] ( days 9 !  
cal5d> ye> aft] ! date ( ! individual's 
dea?1 be>s to  7ii7 #cfe4  7#b7         
,coord9ation ) e/ate tax ,= purposes (  
section #bjec1 ! tax impos$ by ?is      
section = ! ye> ( ! dec$5t's dea? %all  
be consid]$ to h be5 impos$ be=e su*    
dea?4  7b7 ,application to non-,resid5ts
 ,9 ! case ( any nonresid5t ali5        
individual1 ?is subtitle %all apply only
 to ! prop]ty ( su* individual :i* is   
situat$ 9 ! ,unit$ ,/ates 7det]m9$ "u   
rules simil> to ! rules "u sub*apt] ,b (
 *apt] #aa74  7c7 ,application to cov]$ 
expatriates ,9 ! case ( an individual :o
 is a cov]$ expatriate 7z def9$ 9       
section #hgg;,a71 section #bija7;a7 %all

 be appli$ z if ! cal5d> ye> end$ on !  
day be=e ! expatriation4  #bijd4        
,in=mation report+  7a7 ,9 g5]al ,n lat]
 ?an #ab mon?s aft] ! date ( ! enactm5t 
( ?is section1 ! ,secret>y %all by      
regulation require ! report+ ( any      
in=mation conc]n+ ! net value ( assets  
appropriate to en=ce ! tax impos$ by ?is
 *apt]4  7b7 ,me?od ( report+ ,!        
,secret>y %all1 :]e appropriate1 require
 ! report+ made "u subsection 7a7 to be 
made z a "p ( exi/+ income report+      
requirem5ts 7includ+ requirem5ts "u     
*apt] #d 7relat+ to taxes to en=ce      
report+ on c]ta9 =eign acc\nts774  7c7  
,responsibility = report+ ,! ,secret>y  
may impose report+ obligations by       
ref]5ce to ! own]%ip1 control1          
managem5t1 claim to income f1 or o!r    
relation%ip to assets & liabilities =   
purposes ( adm9i/]+ ! tax impos$ by ?is 
section & may impose su* obligations on 
f9ancial in/itutions1 bus9ess entities1 
or o!r p]sons1 includ+ requir+ bus9ess  
entities to provide e/imates ( ! value (

 ! entity itself4  #bije4 ,en=cem5t ,!  
,secret>y %all annually audit n less ?an
 #cj p]c5t ( taxpay]s requir$ to pay !  
tax impos$ "u ?is *apt]4  4  7b7 ,no    
d$uction f income taxes ,section #bge ( 
su* ,code is am5d$ by ins]t+ aft]       
p>agraph 7#f7 ! foll[+ new p>agraph3    
7#g7 ,taxes impos$ by *apt] #ah4  4  7c7
 ,ext5sion ( "t = paym5t ( tax  7#a7 ,9 
g5]al ,section #fafa7;a7 ( su* ,code is 
am5d$ by add+ at ! end ! foll[+ new     
p>agraph3  7#c7 ,weal? tax  7,a7 ,9     
g5]al ,9 ! case ( an applicable taxpay] 
describ$ 9 subp>agraph 7,b71 ! ,secret>y
 may ext5d ! "t = paym5t ( ! tax impos$ 
"u *apt] #ah = a reasonable p]iod n to  
exce$ #e ye>s f ! date fix$ = ! paym5t  
!re(4  7,b7 ,taxpay]s describ$ ,an      
applicable taxpay] is describ$ 9 ?is    
subp>agraph if su* ! ,secret>y          
det]m9es-- 7i7 ! applicable taxpay] has 
sev]e liquidity con/ra9ts1 or  7ii7     
imm$iate paym5t w\ld cause undue h>d%ip 
on an ongo+ ent]prise4  7,c7 ,applicable
 taxpay] ,= purposes ( ?is p>agraph1 !  

t]m applicable taxpay] has ! mean+ giv5 
su* t]m 9 section #bija4  4  7#b7 ,rules
 ,n lat] ?an #ab mon?s aft] ! date ( !  
enactm5t ( ?is ,act1 ! ,secret>y ( !    
,treasury 7or ! ,secret>y's delegate7   
%all e/abli% rules = ! application ( !  
am5dm5ts made by p>agraph 7#a74  7d7    
,application ( accuracy relat$ p5alties 
7#a7 ,9 g5]al ,section #fffb7;b7 ( su*  
,code is am5d$ by ins]t+ aft] p>agraph  
7#aj7 ! foll[+ new p>agraph3  7#aa7 ,any
 sub/antial weal? tax valuation         
und]/atem5t4  4  7#b7 ,sub/antial weal? 
tax und]/atem5t ,section #fffb ( su*    
,code is am5d$ by add+ at ! end ! foll[+
 new subsection3  7m7 ,application to   
sub/antial weal? tax valuation          
und]/atem5t  7#a7 ,sub/antial weal? tax 
valuation und]/atem5t def9$  7,a7 ,9    
g5]al ,= purposes ( ?is section1 !re is 
a sub/antial weal? tax valuation        
und]/atem5t if ! value ( any prop]ty    
claim$ on any return ( tax is #fe p]c5t 
or less ( ! am\nt det]m9$ to be !       
correct am\nt ( su* valuation4  7,b7    

,limitation ,no p5alty %all be impos$ by
 reason ( subsection 7b77#aa7 unless !  
portion ( ! und]paym5t attributable to  
sub/antial weal? tax valuation          
und]/atem5ts = ! cal5d> ye> exce$s      
#e1jjj4  7#b7 ,increas$ p5alty  7,a7 ,9 
g5]al ,9 ! case ( any portion ( an      
und]paym5t :i* is attributable to "o or 
m sub/antial weal? tax valuation        
und]/atem5t1 subsection 7a7 %all be     
appli$-- 7i7 9 ! case ( a sub/antial    
weal? tax valuation und]/atem5t :i* is a
 gross weal? tax valuation mis/atem5t1  
by sub/itut+ #ej p]c5t = #bj p]c5t1 &   
7ii7 9 any o!r case1 by sub/itut+ #cj   
p]c5t = #bj p]c5t4  7,b7 ,gross weal?   
tax valuation mis/atem5t ,= purposes (  
subp>agraph 7,a71 ! t]m gross weal? tax 
valuation mis/atem5t means a sub/antial 
weal? tax valuation und]/atem5t1 z      
det]m9$ "u p>agraph 7#a7 by sub/itut+   
#dj p]c5t = #fe p]c5t4  4  7e7          
,exemption ( tax-,exempt entities       
,section #eja7;a7 ( su* ,code is am5d$  
by ins]t+ & subtitle ,b-#a aft] ?is     

subtitle4  7f7 ,cl]ical am5dm5t ,! table
 ( subtitles ( su* ,code is am5d$ by    
ins]t+ aft] ! item relat+ to subtitle ,b
 ! foll[+ new item3  ,subtitle          
,b-#a--,weal? tax  4  7g7 ,effective    
date ,! am5dm5ts made by ?is section    
%all apply to cal5d> ye>s beg9n+ aft] ! 
date ( ! enactm5t ( ?is ,act4