A bill to amend the Internal Revenue Code of 1986 to return the estate, gift, and generation skipping transfer tax to 2009 levels, and for other purposes.

This bill would amend the federal tax code to change how estate, gift, and generation-skipping transfer taxes work. Currently, these taxes allow individuals to transfer significant wealth to heirs and others with minimal tax consequences due to high exemption thresholds. This bill proposes to return those exemption levels to what they were in 2009, which would be substantially lower than current levels.

If enacted, this change would affect wealthy individuals and families planning to transfer large amounts of money or property to the next generation. The practical effect would be that more of an estate's value could be subject to federal taxation when passed to heirs, potentially requiring families with significant assets to pay more in taxes or restructure their wealth transfer plans. The bill is currently in its early stages and has not yet been reviewed by a Senate committee.