DIGEST OF INTRODUCED BILL
Elimination of inheritance tax. Exempts Class A transferees from the inheritance tax beginning January 1, 2006. Phases out the inheritance tax for Class B and Class C transferees by increasing exemption amounts in 2006 and 2007. Provides that the inheritance tax does not apply to Class B and Class C transferees after December 31, 2007. Provides that the estate tax does not apply to the estate of an individual who dies after December 31, 2004. Provides that the generation skipping transfer tax does not apply to a generation skipping transfer that occurs after December 31, 2004.