The Economic Growth and Tax Relief Reconciliation Act of 2001 ("the 2001 Act") made significant changes in the transfer tax laws (estate tax, generation-skipping transfer tax, gift tax). The 2001 Act lowered transfer tax rates to 45% by 2009, increased exclusion and exemption amounts to $3.5 million by 2009, and repealed the estate tax and the generation-skipping transfer tax altogether for the single year of 2010. The gift tax was not repealed but the top gift tax rate was reduced to 35% for 2010 only.
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