H.R. 601 — Estate Tax Rate Reduction Act

This section reduces the rate of tax on estates, gifts, and generation-skipping transfers under IRC §2001(c) to a flat 20% (from graduated rates up to 40%), effective for estates of decedents dying, generation-skipping transfers, and gifts made after December 31, 2024. The section makes conforming amendments to related IRC provisions (i.e., §§2056A, 2107, 2201, 2641, 2801, and 6601) to reflect the single rate and directs that its budgetary effects not be entered on PAYGO scorecards maintained pursuant to the Statutory Pay-As-You-Go Act of 2010 (2 U.S.C. 933(d)) or Senate budget resolution H. Con. Res. 71 (115th Congress).