Update

On Thursday November 9, Senate Republicans unveiled the substance of their tax reform bill. The Senate proposal maintains the House Republicans' plan to increase the amount exempt from gift, estate, and GST taxes from $5 million to $10 million per person (adjusted for inflation), effective January 1, 2018. Unlike the House bill introduced on November 2, however, it appears that the Senate bill will not include a repeal of the estate tax or the GST tax—but this will be confirmed upon the release of the full Senate bill next week. For details on the House Republicans proposed tax legislation, please see our November 3, 2017 alert.

 


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