Death Tax Repeal Permanency Act of 2005
Last action on Feb 17, 2005Read twice and referred to the Committee on Finance.
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Summary
The Death Tax Repeal Permanency Act of 2005 (S. 420) seeks to permanently eliminate the federal estate tax and the generation-skipping transfer tax. Under laws existing at the time of the bill's introduction, these taxes were scheduled to be repealed for only one year in 2010 before returning in 2011. This legislation would remove that expiration date, ensuring that assets passed from a deceased person to their heirs are not subject to federal estate taxation indefinitely.
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