Estate Tax Overview
Major Provisions of Current Law
The Economic Growth and Tax Relief Reconciliation Act of 2001 generally repealed the Federal estate and generation-skipping transfer taxes at the end of the year 2009, provided for the phase-out of these taxes over the period 2002 to 2009, lowered and modified the gift tax, provided new income tax carryover basis rules for property received from a decedent, and made other general amendments that will be applicable in the phase-out period. The phase-out of the estate tax is to be accomplished primarily by adjusting three features of the tax. The top rate is to be gradually lowered. The applicable exclusion…
