What is the current status of HR 601?

HR 601 is currently: Introduced.

Who sponsored HR 601?

HR 601 was sponsored by Jodey Arrington (R), Rep.

Lower Estate and Gift Taxes

IntroducedJanuary 22, 2025

Introduced1 year ago

Intro

House

Senate

Pres

Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Taxation

Why This Matters

This bill lowers the tax rate on estates, gifts, and generation-skipping transfers to 20%, making it easier for families to inherit wealth.

If you inherit money or property, this bill could mean you pay less in taxes.

Who this affects

families inheriting estates · families receiving gifts

What changes is this bill making?

1The bill reduces the tax rate on estates, gifts, and generation-skipping transfers to 20%.
2This change aims to ease the financial burden on families inheriting wealth.
3It applies to estates of individuals who pass away after December 31, 2024.
4The legislation also affects how taxes are calculated for certain transfers between generations.
5The bill does not impact the overall budget scorecards used for fiscal planning.

Read the detailed summary

This bill directs the Department of the Interior to remove all deed restrictions from approximately 3.62 acres located at 2956 Park Avenue, on the Paducah Memorial Army Reserve Center in Paducah, Kentucky. The restrictions include easements, exceptions, reservations, terms, conditions, and covenants described in the quitclaim deed that was executed on April 27, 2012. The deed conveyed land from Interior to the City of Paducah, Kentucky.

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