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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

For the 99.8 Percent Act

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To amend the Internal Revenue Code of 1986 to reinstate estate and generation-skipping taxes, and for other purposes.


Actions Overview (1)

Date
10/24/2019Introduced in House

All Actions (2)

Date
10/24/2019Referred to the House Committee on Ways and Means.
Action By: House of Representatives
10/24/2019Introduced in House
Action By: House of Representatives

Cosponsors (39)

* = Original cosponsor
CosponsorDate Cosponsored
Rep. Blumenauer, Earl [D-OR-3]* 10/24/2019
Rep. Carson, Andre [D-IN-7]* 10/24/2019
Rep. Cartwright, Matt [D-PA-8]* 10/24/2019
Rep. Chu, Judy [D-CA-27]* 10/24/2019
Rep. Cohen, Steve [D-TN-9]* 10/24/2019
Rep. Davis, Danny K. [D-IL-7]* 10/24/2019
Rep. DeLauro, Rosa L. [D-CT-3]* 10/24/2019
Rep. DeSaulnier, Mark [D-CA-11]* 10/24/2019
Rep. DeFazio, Peter A. [D-OR-4]* 10/24/2019
Rep. Doyle, Michael F. [D-PA-18]* 10/24/2019
Rep. Espaillat, Adriano [D-NY-13]* 10/24/2019
Rep. Garcia, Jesus G. "Chuy" [D-IL-4]* 10/24/2019
Rep. Green, Al [D-TX-9]* 10/24/2019
Rep. Grijalva, Raul M. [D-AZ-3]* 10/24/2019
Rep. Haaland, Debra A. [D-NM-1]* 10/24/2019
Rep. Norton, Eleanor Holmes [D-DC-At Large]* 10/24/2019
Rep. Jackson Lee, Sheila [D-TX-18]* 10/24/2019
Rep. Jayapal, Pramila [D-WA-7]* 10/24/2019
Rep. Khanna, Ro [D-CA-17]* 10/24/2019
Rep. Lee, Barbara [D-CA-13]* 10/24/2019
Rep. Levin, Andy [D-MI-9]* 10/24/2019
Rep. Lowenthal, Alan S. [D-CA-47]* 10/24/2019
Rep. McGovern, James P. [D-MA-2]* 10/24/2019
Rep. Nadler, Jerrold [D-NY-10]* 10/24/2019
Rep. Napolitano, Grace F. [D-CA-32]* 10/24/2019
Rep. Ocasio-Cortez, Alexandria [D-NY-14]* 10/24/2019
Rep. Omar, Ilhan [D-MN-5]* 10/24/2019
Rep. Payne, Donald M., Jr. [D-NJ-10]* 10/24/2019
Rep. Pocan, Mark [D-WI-2]* 10/24/2019
Rep. Pressley, Ayanna [D-MA-7]* 10/24/2019
Rep. Schakowsky, Janice D. [D-IL-9]* 10/24/2019
Rep. Serrano, Jose E. [D-NY-15]* 10/24/2019
Rep. Takano, Mark [D-CA-41]* 10/24/2019
Rep. Tonko, Paul [D-NY-20]* 10/24/2019
Rep. Tlaib, Rashida [D-MI-13]* 10/24/2019
Rep. Velazquez, Nydia M. [D-NY-7]* 10/24/2019
Rep. Watson Coleman, Bonnie [D-NJ-12]* 10/24/2019
Rep. Lieu, Ted [D-CA-33] 12/04/2019
Rep. Lofgren, Zoe [D-CA-19] 01/03/2020

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Ways and Means10/24/2019 Referred to

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Subjects (5)


Latest Summary (1)

There is one summary for H.R.4857. View summaries

Shown Here:
Introduced in House (10/24/2019)

For the 99.8 Percent Act

This bill imposes increased tax rates on decedent estates, gifts, and generation-skipping transfers.

Estates with a value of over $1 billion are taxed at a 77% tax rate. The basic exclusion amount is reduced to $3.5 million.

The bill increases (1) to $3 million the reduction in valuations of farmland for estate tax purposes and adjusts such increased amount for inflation, and (2) to $2 million the maximum estate tax exclusion for contributions of conservation easements.

The bill requires (1) consistent basis reporting for property acquired by gift and transfers in trust, and (2) executors of estates and donors of gifts required to file a gift tax return to disclose to the Department of the Treasury, and to recipients of any interest in an estate or a gift, information identifying the value of each interest received.

The bill sets forth estate valuation rules for certain transfers of nonbusiness assets and limits estate tax discounts for certain individuals with minority interests in a business acquired from a decedent.

The bill expands rules for valuing assets in grantor retained annuity trusts to require that (1) the right to receive fixed amounts from an annuity last for a term of not less than 10 years and not more than the life expectancy of the annuitant plus 10 years, and that such fixed amounts not decrease during the first 10 years of the annuity term, and (2) the remainder interest have a value when transferred that is not less than the the greater of 25% of the fair market value of the trust property or $500,000. The bill also sets forth rules for the application of transfer taxes to a grantor trust (a trust in which the grantor retains control over the trust assets and has the right to receive income from the trust).

The bill eliminates the generation-skipping transfer tax exemption for any trust whose termination date is not greater than 50 years after its creation.

The bill modifies the gift tax exclusion for annual gifts (currently, $14,000).