(c) CONFORMING AMENDMENTS RELATED TO GIFT TAX.—
(1) COMPUTATION OF GIFT TAX.—Section 2502 is amended by adding at the end the following new subsection:
‘‘(d) GIFTS MADE AFTER 2023.—
‘‘(1) IN GENERAL.—In the case of a gift made after December 31, 2023, subsection (a)(1) shall be applied by substituting ‘subsection (d)(2)’ for ‘section 2001(c)’ and ‘such subsection’ for ‘such section’
‘‘(2) RATE SCHEDULE.—
‘If the amount with respect to which the tentative tax to be computed is:. | The tentative tax is: |
Not over $10,000 ........................................................... | 18% of such amount. |
Over $10,000 but not over $20,000 .............................. | $1,800, plus 20% of the excess over $10,000. |
Over $20,000 but not over $40,000 .............................. | $3,800, plus 22% of the excess over $20,000. |
Over $40,000 but not over $60,000 .............................. | $8,200, plus 24% of the excess over $40,000. |
Over $60,000 but not over $80,000 .............................. | $13,000, plus 26% of the excess over $60,000. |
Over $80,000 but not over $100,000 ............................ | $18,200, plus 28% of the excess over $80,000. |
Over $100,000 but not over $150,000 .......................... | $23,800, plus 30% of the excess over $100,000. |
Over $150,000 but not over $250,000 .......................... | $38,800, plus 32% of the excess of $150,000.
$13,000, plus 26% of |
Over $250,000 but not over $500,000 .......................... | $70,800, plus 34% of the excess over $250,000. |
Over $500,000 ............................................................... | $155,800, plus 35% of the excess of $500,000. |
(2) LIFETIME GIFT EXEMPTION.—Section 2505 is amended by adding at the end the following new subsection:
‘‘(d) GIFTS MADE AFTER 2023.—
‘‘(1) IN GENERAL.—In the case of a gift made after December 31, 2023, subsection (a)(1) shall be
applied by substituting ‘the amount of the tentative
tax which would be determined under the rate sched-
ule set forth in section 2502(a)(2) if the amount
with respect to which such tentative tax is to be
computed were $10,000,000’ for ‘the applicable
credit amount in effect under section 2010(c) which
would apply if the donor died as of the end of the
calendar year’.
‘‘(2) INFLATION ADJUSTMENT.—
‘‘(A) IN GENERAL.—In the case of any cal-
endar year after 2023, the dollar amount in subsection (a)(1) (after application of this sub- section) shall be increased by an amount equal to—
‘‘(i) such dollar amount, multiplied by
‘‘(ii) the cost-of-living adjustment de- termined under section 1(f)(3) for such calendar year by substituting ‘calendar year 2011’ for ‘calendar year 1992’ in sub- paragraph (B) thereof.
‘‘(B) ROUNDING.—If any amount as ad-
justed under paragraph (1) is not a multiple of $10,000, such amount shall be rounded to the nearest multiple of $10,000.’’.
applied by substituting ‘the amount of the tentative
tax which would be determined under the rate sched-
ule set forth in section 2502(a)(2) if the amount
with respect to which such tentative tax is to be
computed were $10,000,000’ for ‘the applicable
credit amount in effect under section 2010(c) which
would apply if the donor died as of the end of the
calendar year’.