In the first month of the 118th Congress, Rep. Robert Latta (R-Ohio) has introduced H.R. 338, 118th Cong., 1st Sess. (Jan. 13, 2023), the "Permanently Repeal the Estate Tax Act of 2023," a bill that would repeal the federal estate tax but retain the basis step-up at death under Code Sec. 1014. The bill does not repeal the gift tax, the generation-skipping transfer tax, or the special valuation rules of Chapter 14.
Reprint © 2023 Thomson Reuters/Tax & Accounting. All Rights Reserved.