S.Amdt. 2365

As your legislative analyst, let us break down what Mr. Paul's amendment, SA 2365, actually sets out to do based strictly on the text provided.

The purpose of this amendment is to completely strike section 70106 and replace it with a full repeal of certain federal taxes.

Here is what the amendment aims to change or add to the bill:

• Repeal of Estate Taxes: It adds a termination rule stating that the estate tax chapter will no longer apply to the estates of individuals who die on or after the date this section is enacted, with specific rules for certain distributions from qualified domestic trusts.

• Repeal of Generation-Skipping Transfer Taxes: It adds a termination rule ensuring that the generation-skipping transfer tax chapter will no longer apply to generation-skipping transfers made on or after the date of enactment.

• Updates and Effective Dates: It includes technical table updates to reflect these terminations and sets the effective date so that these tax repeals apply to deaths and transfers happening after the date the Act is enacted.