GRATS Act
This bill changes rules for grantor retained annuity trusts (GRATs), which wealthy individuals use to transfer assets while reducing estate taxes. It requires GRATs to have a minimum 15-year term and sets a minimum value for the remaining trust assets (at least 25% of the property value or $500,000). These rules apply to trusts created after the bill's enactment date. The bill directly affects high-net-worth individuals who use GRATs for estate planning.
Bill status
in committee
1 of 4 stages cleared
Introduction
Mar 2024
Committee Review
Floor Vote
President
Introduced Mar 20, 2024
Last action Mar 20, 2024
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
2
Key actions
0
Committee
1
Mar 20, 2024
Committee
Read twice and referred to the Committee on Finance.
upper
Mar 20, 2024
Introduced
Introduced in Senate
upper
1 primary · 1 co-sponsor
Sponsors
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