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 year 1997 and inserting calendar year 2023 in subparagraph (B). (c) Effective date The amendments made by this section shall apply to estates of decedents dying, and gifts made, after December 31, 2023. 4. Modification of estate tax rules with respect to land subject to conservation easements (a) Modification of exclusion limitation Subparagraph (B) of section 2031(c)(1) of the Internal Revenue Code of 1986 is amended by striking $500,000 and inserting $2,000,000 . (b) Modification of applicable percentage Paragraph (2) of section 2031(c) of the Internal Revenue Code of 1986 is amended by striking 40 percent and inserting 60 percent . (c) Effective date The amendments made by this section shall apply to estates of decedents dying, and gifts made, after December 31, 2023. 5. Clarification regarding disallowance of step-up in basis for property held in certain grantor trusts (a) In general Section 1014 of the Internal Revenue Code of 1986 is amended— (1) by redesignating subsection (f) as subsection (g), and (2) by inserting after subsection (e) the following: (f) Property held in certain grantor trusts This section shall not apply to property— (1) held in a trust of which the transferor is considered the owner under subpart E of part I of subchapter J, and (2) if, after the transfer of such property to the trust, such property is not includible in the gross estate of the transferor for purposes of chapter 11. . (b) Conforming amendment Section 6662(k) of the Internal Revenue Code of 1986 is amended by striking 1014(f) and inserting 1014(g) . (c) Effective date The amendments made by this section shall apply to transfers after the date of the enactment of this Act. (d) No inference No inference may be drawn from the amendments made by this section with respect to