House Plans for Permanence over Temporary Freeze

October 23, 2009

Good news! On October 22, House Ways and Means Committee Chairman Charles Rangel (D-NY) publicly reported that his committee is preparing legislation to permanently freeze the estate tax at current levels instead of opting for a one-year freeze that would force us to fight against an automatic 55% rate and $1 million exemption next year. In addition, we understand that the legislation is unlikely to include damaging revenue offsets, such as valuation changes that would tax estates on more than they are worth and adjustments to the minimum term for GRATs. Legislation could be on the House floor as soon as the first week of November.

Policy and Taxation Group continues to work to ensure the House and Senate both move estate tax reform that provides certainty and permanency without increasing the burden on families. We hope both chambers act soon and proceed to conference to achieve the maximum relief possible this year.

 

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