A bill to amend the Internal Revenue Code of 1954 to increase the annual gift tax exclusion and to clarify the gift tax treatment of certain transfers for consumption.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code, with respect to the gift tax, to: (1) increase the annual gift tax exclusion from $3,000 to $10,000; and (2) declare that certain transfers for consumption shall not be treated as a transfer of property by gift for tax purposes. Defines "qualified transfer for consumption" as any transfer to a child of the transferor under the age of 21, or any other resident of the transferor's household, to pay current educational, medical, dental, food, clothing, or maintenance of living accommodations costs. Prohibits the transferee from acquiring any property which will retain significant value after one year from such transfer.…