March 24, 2010 – This afternoon the House passed the Ways and Means Committee’s “Small Business and Infrastructure Jobs Tax Act”, which includes the provision limiting the usefulness of GRATs, by a vote of 246-178. The bill now heads to the Senate, where the timeline for potential action is uncertain. In the coming days we will be meeting with our allies in the Senate to determine the best strategy to challenge the provision and reduce the likelihood that estate tax revenue raisers will be included in legislation unrelated to the estate tax. As always, we will keep you posted.
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