Bills · S 587
IN COMMITTEE· 119TH CONGRESS
Senate BillS 587Taxation
Death Tax Repeal Act of 2025
INTRO FEB 13· LAST ACTION FEB 13
READING
6MIN
COSPONSORS
46
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
- Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8Introduced
In Committee
Reported
Passed Senate
Passed House
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenThis bill matters because it would remove a major federal tax on inherited wealth, which currently only applies to a small percentage of the wealthiest estates in the country. For those with significant assets, passing this bill means more of their estate would go directly to their heirs without being reduced by federal taxes, potentially impacting how wealth is accumulated and passed down through generations.
If this bill becomes law, wealth transfers upon death would largely be untaxed at the federal level, and lifetime gift strategies would change due to new rates and exemptions. If it does not pass, the current estate and generation-skipping transfer taxes would continue to apply to large estates and certain multi-generational transfers, and current gift tax rules would remain in place.
KEY PROVISIONS
5AI-extractedPROVISION 01
Repeals the federal estate tax for individuals dying on or after the date the bill becomes law.
This eliminates a significant tax on inherited wealth, primarily affecting very large estates.
PROVISION 02
Repeals the federal generation-skipping transfer tax for transfers made on or after the date the bill becomes law.
This removes a specific tax designed to prevent avoidance of estate tax through multi-generational transfers.
PROVISION 03
Modifies the federal gift tax rates and changes the calculation method for gift tax.
This adjusts the amount of tax owed on gifts made during a person's lifetime.
PROVISION 04
Sets a new lifetime gift tax exemption amount of $10,000,000, adjusted for inflation.
This significantly increases the amount an individual can gift during their lifetime without incurring gift tax.
PROVISION 05
Clarifies that transfers into trusts are treated as taxable gifts, unless the person setting up the trust or their spouse retains significant control over the trust.
This impacts how certain estate planning strategies using trusts are treated for gift tax purposes.
SPONSORSHIP
1 + 46
R· South Dakota
YRS IN OFFICE
29
BILLS LED
57
COSPONSOR BREAKDOWNBIPARTISAN · 0%
DEM 0 REP 46 IND 0
ACTION TIMELINE
2 EVENTSFEB 13
Introduced in Senate
FEB 13
Read twice and referred to the Committee on Finance. (text: CR S977-978)
BILL INFO
TypeSenate Bill
NumberS 587
Congress119th
StatusIn Committee
IntroducedFeb 13, 2025
Last actionFeb 13, 2025
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IN COMMITTEE· 119TH CONGRESS · FINANCE COMMITTEE · INTRODUCED FEB 13, 2025
Senate BillS 587Taxation
Death Tax Repeal Act of 2025
INTRODUCED FEB 13, 2025· LAST ACTION FEB 13, 2025
PASSAGE CHANCES
—%
READING
6 min
COSPONSORS
46
COMPLEXITY
Moderate
