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Budget Reconciliation Gift Tax

Miller Canfield

One Big Beautiful Bill: Estate and Gift Tax Exclusion and the Generation-Skipping Transfer Tax Exemption Increases to $15 Million

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The One Big Beautiful Bill (OBBB), which passed on July 3 and was signed by President Donald Trump on July 4, increases the amount individuals may transfer for federal estate, gift, and generation-skipping transfer tax...more

Tarter Krinsky & Drogin LLP

Now Is the Time to Revisit Trusts & Estates Plans, as Tax Exemption Law Changes Are on the Horizon

On May 22, 2025, the House of Representatives passed the One Big Beautiful Bill Act by a single-vote margin. This bill adopted many of the recommendations of the House Ways and Means Committee, with a few changes along the...more

A&O Shearman

Summary of key provisions in House reconciliation bill

A&O Shearman on

On May 22, 2025, the U.S. House of Representatives narrowly passed the House budget reconciliation bill (H.R. 1) (the “House Bill”) by a party-line vote of 215 – 214. The House Bill, which includes significant tax law...more

Kohrman Jackson & Krantz LLP

Reconciled But Risky: Can the $15 Million Exemption Make It Through Congress?

On May 12, the House Ways and Means Committee released its long-anticipated reconciliation package—an expansive tax and spending bill aimed at extending the 2017 Trump tax cuts and cementing key fiscal priorities before the...more

Bilzin Sumberg

Preparation of the "Sunset" and Estate Planning in an Uncertain Economic Climate for High Net Worth Families

Bilzin Sumberg on

The recent volatility in the stock market, ongoing trade wars, and talks of further increases to the federal debt ceiling have intensified concerns in recent months around economic uncertainty and the risk of recession. ...more

Kohrman Jackson & Krantz LLP

Baseline vs. the Byrd Rule: What’s Next for the Gift and Estate Tax?

On April 10, 2025, the House of Representatives narrowly approved the Senate’s version of the FY 2025 budget resolution, which it passed on April 5, formally aligning both chambers on President Trump’s legislative tax agenda....more

Lippes Mathias LLP

Countdown to Tax Changes: Navigating Budget Reconciliation 2025

Lippes Mathias LLP on

As the clock ticks down to the end of 2025, the impending sunset of key provisions of the Tax Cuts and Jobs Act (“TCJA”) looms large, threatening tax hikes for millions of Americans. With Congress at a crossroads, the...more

Winstead PC

Tax Proposals of the House Ways and Means Committee: Reconciliation Bill to Target Trusts, Estates, and the Wealthy

Winstead PC on

On Sunday, September 12, 2021, the House Ways & Means Committee (the "Committee") released draft legislation as part of Congress' ongoing $3.5 trillion budget reconciliation process. The legislation, as approved by the...more

Rivkin Radler LLP

Tax Increases Are In Sight

Rivkin Radler LLP on

Summertime in Washington- On August 11, the Senate passed the $3.5 trillion budget resolution for the 2021-2022 fiscal year – S. Con. Res. 14, as amended – by a vote of 50 to 49, strictly along party lines, including...more

Farrell Fritz, P.C.

The Federal Estate Tax In 2021: What Might We Expect? What Can We Do?

Farrell Fritz, P.C. on

Happy New Year? Ask anyone outside the United States what comes to mind when they think about an American New Year’s celebration, and the odds are pretty good they will mention the ball drop in New York City’s Times Square. ...more

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