TITLE V—ESTATE, GIFT, AND GENERATION-SKIPPING TRANSFER TAX PROVISIONS
Subtitle A—Repeal of Estate and Generation-Skipping Transfer Taxes
SEC. 501. REPEAL OF ESTATE AND GENERATION-SKIPPING TRANSFER TAXES.
(a) Estate Tax Repeal.—Subchapter C of chapter 11 of subtitle B (relating to miscellaneous) is amended by adding at the end the following new section:
``SEC. 2210. TERMINATION.
``(a) In General.—Except as provided in subsection (b), this chapter shall not apply to the estates of decedents dying after December 31, 2009. ``(b) Certain Distributions From Qualified Domestic Trusts.—In applying section 2056A with respect to the surviving spouse of a decedent dying before January 1, 2010— ``(1) section 2056A(b)(1)(A) shall not apply to distributions made after December 31, 2020, and ``(2) section 2056A(b)(1)(B) shall not apply after December 31, 2009.''.
(b) Generation-Skipping Transfer Tax Repeal.—Subchapter G of chapter 13 of subtitle B (relating to administration) is amended by adding at the end the following new section:
``SEC. 2664. TERMINATION.
``This chapter shall not apply to generation-skipping transfers after December 31, 2009.''. (c) Conforming Amendments.— (1) The table of sections for subchapter C of chapter 11 is amended by adding at the end the following new item: ``Sec. 2210. Termination.''.
(2) The table of sections for subchapter G of chapter 13 is amended by adding at the end the following new item: ``Sec. 2664. Termination.''.
(d) Effective Date.—The amendments made by this section shall apply to the estates of decedents dying, and generation-skipping transfers, after December 31, 2009.
Subtitle B—Reductions of Estate and Gift Tax Rates
SEC. 511. ADDITIONAL REDUCTIONS OF ESTATE AND GIFT TAX RATES.
(a) Maximum Rate of Tax Reduced to 50 Percent.—The table contained in section 2001(c)(1) is amended by striking the two highest brackets and inserting the following:
``Over $2,500,000.....$1,025,800, plus 50% of the excess over $2,500,000.''.