Sensible Estate Tax Act of 2014

referredUnited States· United States Congress· EN

Introduced

14 February 2014

Last action

14 February 2014 · Introduced

Status

Referred to the House Committee on Ways and Means.

Summary

Sensible Estate Tax Act of 2014 - Amends the Internal Revenue Code to: (1) establish new estate tax rates of between 41% (for estates with a value in excess of $1,000,000) and 55% (for estates with a value in excess of $10 million), (2) allow a $1 million estate tax exclusion, and (3) provide for an inflation adjustment to such amounts for decedents dying after 2014. Restores the estate tax credit for any estate, inheritance, legacy, or succession taxes paid to a state (expired after 2004). Repeals the deduction currently allowed for such taxes. Sets forth estate valuation rules for certain transfers of nonbusiness assets and limits estate tax discounts for certain individuals with minority interests in a business acquired from a decedent. Requires that the value of the basis in any property acquired from a decedent or by gift be consistent with the basis as determined for estate and gift tax purposes. Requires executors of estates and donors of gifts required to file a gift tax return to disclose to the Secretary of the Treasury, and to recipients of any interest in an estate or a gift, information identifying the value of each interest received. Expands rules for valuing assets in grantor retained annuity trusts to require that: (1) the right to receive fixed amounts from an annuity last for a term of not less than 10 years and that such fixed amounts not decrease during the first 10 years of the annuity term, and (2) the remainder interest have a value greater than zero when transferred. Terminates the generation-skipping transfer exemption for certain long-term trusts (perpetual dynasty trusts) 90 years after the establishment of such trusts.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

11 February 2014
Introduced
Sponsor introductory remarks on measure. (CR E203)
Source: IntroReferral
14 February 2014
Introduced
Referred to the House Committee on Ways and Means.
Source: IntroReferral
14 February 2014
Introduced
Introduced in House
Source: IntroReferral
14 February 2014
Introduced
Introduced in House
Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Introduced in House · 14 February 2014 · Download file

Documents

3 official files

Introduced in House (text)

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Introduced in House (text)
Introduced in House · EN · 14 February 2014
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Introduced in House (PDF)
Introduced in House · EN · 14 February 2014
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Introduced in House
summary · EN · 14 February 2014
Open at official source
Leesvertaling
Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.
Vertaal naar
Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Related records

related to → Balancing Act
related to ← Responsible Estate Tax Act

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.

Official source: https://www.congress.gov/bill/113th-congress/house-bill/4061
Open data entity: https://api.congress.gov/v3/bill/113/hr/4061
us · 113-hr-4061 · source updated 12 August 2025