USAgNet - April 20, 2012
A coalition of ag stakeholders is writing to all members of Congress to ask for permanent and meaningful estate tax relief.
"If estate taxes are allowed to be reinstated at the beginning of 2013 with only a $1 million exemption and top rate of 55 percent, the negative impact on our industry will be significant," the letter stated. "We support permanently keeping the exemption at $5 million per person and retaining the top rate of 35 percent.
It is also imperative that the permanent estate tax law index the exemption to inflation; provide for spousal transfers; and include the stepped-up basis."
The coalition asks for reform of current estate tax laws before the end of year and for Members of Congress to cosponsor estate tax legislation introduced in both chambers.
The House bill is H.R. 1259, the Death Tax Repeal Permanency Act of 2011, introduced by Congressman Kevin Brady (R-Texas). The Senate bill is S. 2242, the Death Tax Repeal Permanency Act of 2012, introduced by Senator John Thune (R-S.D.).