Detailed Summary

Estate Tax Relief Act of 2009 - Restores the tax on estates and generation-skipping transfers and the step-up in basis provisions for property acquired from a decedent, previously repealed by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). Declares that the sunset provision (general terminating date of December 10, 2010) of EGTRRA shall not apply to title V of such Act (Estate, Gift, and Generation-Skipping Transfer Tax Provisions).

Amends the Internal Revenue Code to: (1) allow annual increases in the estate tax exclusion amount until it reaches $5 million in 2019 and inflation adjustments to such amount after 2019; and (2) phase in annual reductions in the estate tax rate between 2009 and 2019 (45% to 35% in 2019 and thereafter) and eliminate the deduction for state estate, inheritance, legacy, or succession taxes over the same period.

Status of the Legislation

Latest Major Action: 10/22/2009: Referred to House committee. Status: Referred to the House Committee on Ways and Means.

Points in Favor

(Log in to edit the wiki and be the first to show why the bill should pass!)

Points Against

(Log in to edit the wiki and be the first to show why the bill should not pass!)