NCBA and its partners in the Family Business Estate Tax Coalition (FBETC) are continuing to call on Congress to pass permanent estate tax reform legislation as soon as possible.
“The uncertainty of the current law has left many family-owned businesses and farms guessing about their estate tax liabilities and unable to make prudent business decisions,” stated the FBETC in a March 3 letter to House and Senate leadership.
“The significant costs to plan for the estate tax reduces investment in business growth and job creation, and is only made worse by the current uncertainty surrounding the tax. Without a permanent solution, there are no assurances that these businesses and family farms will continue to operate in future generations.”
As of January 1, the estate tax has temporarily zeroed out for the year 2010. But if Congress does nothing, next year the tax will revert to a staggering 55{4d08edaf359bc2115b18a651716ebd427a137946ddca2143fa23b3ea721061e4} tax on estates worth only $1 million or more. While a full repeal is not likely in the current political environment, NCBA supports reform which grants the greatest relief to agriculture and small businesses.
Source: NCBA-Posted Kaci Switzer
