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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2010* $1,000,000 Repealed Repealed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*Estate tax and generation-skipping transfer tax are scheduled to be repealed during 2010.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.