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jdsupra.com: https://www.jdsupra.com/legalnews/new-bill-proposes-annual-withholding-9206888/

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Saturday, May 23, 2026

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azy Farrell Fritz, P.C. + Follow x Following x Following - Unfollow Contact LinkedIn Facebook X Send Embed To embed, copy and paste the code into your website or blog: On May 12, 2026, a Bill entitled the “ Fair Trusts for Fiscal Responsibility Act ” was introduced in the Senate by Sen. Patty Murray and co-led by Sen.
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--> New Bill Proposes Annual Withholding Tax on Trusts with Assets Exceeding $50M | Farrell Fritz, P.C. - JDSupra Menu News & Insights Popular Labor & Employment Finance & Banking Intellectual Property Health & Healthcare Environmental Issues more… Business Insurance Commercial Real Estate Corporate Taxes Immigration Securities more… Personal Residential Real Estate Estate Planning Civil Rights Personal Taxes Bankruptcy more… Jump to: Latest Updates » Trending [ 7 ] [Survey] What do GC want from law firm guidance? Your input matters... [Hot Topic] Artificial Intelligence [Hot Topic] Employer Liability Issues Latest IMMIGRATION News & Updates Stay Informed: Popular Reads on JD Supra Meet JD Supra's Top Authors! Build a Morning News Digest: Easy, Custom Content, Free! Browse All Law News Topics » Find Author By Business Matters Labor & Employment Finance & Banking Intellectual Property Insurance Taxes See All Subjects » --> By Personal Issues Civil Rights Family Matters Personal Injury Wills, Trusts, & Estate Planning Worker’s Compensation See All Subjects » --> By Location California New York Texas Canada United Kingdom See All Locations » --> Subscribe Custom Email Digests Build a custom email digest by following topics, people, and firms published on JD Supra. X (formerly Twitter) RSS Feeds for Publishers For Reporters My Account Log In May 22, 2026 New Bill Proposes Annual Withholding Tax on Trusts with Assets Exceeding $50M Joshua Ashkenazy Farrell Fritz, P.C. + Follow x Following x Following - Unfollow Contact LinkedIn Facebook X Send Embed To embed, copy and paste the code into your website or blog: On May 12, 2026, a Bill entitled the “ Fair Trusts for Fiscal Responsibility Act ” was introduced in the Senate by Sen. Patty Murray and co-led by Sen. Ron Wyden. The proposed legislation would impose an annual “withholding tax” on trusts holding assets in excess of $50M and would serve as an advance collection mechanism in anticipation of future estate tax and generation-skipping transfer tax that would otherwise be imposed upon death or intergenerational transfer. Under the Bill, withholding rates would apply as follows: 1% on assets between $50 million and $100 million; 5% on assets between $100 million and $250 million; 2% on assets between $250 million and $1 billion; and 3% on assets exceeding $1 billion. The Bill also imposes extensive valuation and reporting requirements on covered trusts (excluding charitable trusts and ERISA-qualified benefit trusts), including annual asset disclosures, trustee reporting obligations, and penalties for underreporting or failure to comply. And the Bill authorizes the Treasury Department to issue regulations addressing valuation methodologies for closely held businesses and other illiquid assets—an issue that would present significant practical and administrative challenges if enacted. Although the Bill is in its infancy
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