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Federal transfer tax exemption amounts under the Tax Act of 2001
| Year | Gift Tax Exemption Amount | Estate Tax Exemption Amount | Generation-Skipping Transfer Tax (GSTT) Exemption Amount |
| 2003 | $1,000,000 | $1,000,000 | $1,120,000 |
| 2004 | $1,000,000 | $1,500,000 | $1,500,000 |
| 2005 | $1,000,000 | $1,500,000 | $1,500,000 |
| 2006 | $1,000,000 | $2,000,000 | $2,000,000 |
| 2007 | $1,000,000 | $2,000,000 | $2,000,000 |
| 2008 | $1,000,000 | $2,000,000 | $2,000,000 |
| 2009 | $1,000,000 | $3,500,000 | $3,500,000 |
| 2010* | $1,000,000 | Repealed | Repealed |
| 2011 and after | $1,000,000 | $1,000,000 | $1,000,000** |
*Estate tax and generation-skipping transfer tax are scheduled to be repealed during 2010. Lifetime gifts, however, will continue to be subject to gift tax.
**Plus applicable inflation adjustments.