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 to increase the amount of the annual gift tax exclusion from $3,000 to $10,000. Excludes non-appreciable gifts to minor children (under age 21) and household members for consumption from the gift tax.…