1. Short title This Act may be cited as the For the 99.5 Percent Act . 2. Modifications to estate, gift, and generation-skipping transfer taxes (a) Modification of rates Section 2001(c) of the Internal Revenue Code of 1986 is amended by striking the last 2 rows and inserting the following: Over $750,000 but not over $3,500,000 $248,300 plus 39 percent of the excess of such amount over $750,000. Over $3,500,000 but not over $10,000,000 $1,320,800 plus 45 percent of the excess of such amount over $3,500,000. Over $10,000,000 but not over $50,000,000 $4,245,800 plus 50 percent of the excess of such amount over $10,000,000. Over $50,000,000 but not over $1,000,000,000 $24,245,800 plus 55 percent of the excess of such amount over $50,000,000. Over $1,000,000,000 $546,745,800 plus 65 percent of the excess of such amount over $1,000,000,000. . (b) Exclusion amount (1) Estate tax Paragraph (3) of section 2010(c) of the Internal Revenue Code of 1986 is amended to read as follows: (3) Basic exclusion amount For purposes of this subsection, the basic exclusion amount is $3,500,000. . (2) Modification to gift tax exclusion amount Paragraph (1) of section 2505(a) of the Internal Revenue Code of 1986 is amended to read as follows: (1) the applicable credit amount in effect under section 2010(c) for such calendar year (determined as if the basic exclusion amount in section 2010(c)(2)(A) were $1,000,000), reduced by . (c) Effective date The amendments made by this section shall apply to estates of decedents dying, and generation-skipping transfers and gifts made, after December 31, 2023. 3. Modification of rules for value of certain farm, etc., real property (a) In general Paragraph (2) of section 2032A(a) of the Internal Revenue Code of 1986 is amended by striking $750,000 and inserting $3,000,000 . (b) Inflation adjustment Paragraph (3) of section 2032A(a) of such Code is amended— (1) by striking 1998 and inserting 2024 , (2) by striking $750,000 each place it appears and inserting $3,000,000 , and (3) by striking calendar