On April 16, 2015, the U.S. House passed H.R. 1105 by a 240-179 vote. The bill, titled the “Death Tax Repeal Act of 2015,” repeals the federal estate tax (FET) and the generation-skipping transfer tax (GSTT) for estates of decedents dying and generation-skipping transfers made after the date of enactment.
The bill retains the gift tax and also retains the “stepped-up” basis rule which allows the heirs to avoid capital gain taxes on the sale of inherited assets that are attributable to the built-in gain during the decedent’s period of ownership. Other significant provisions are included, making the bill of significant importance to individual taxpayers, business owners and practitioners.
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