On September 16, 2010, H.R. 5297 was passed by the Senate with an amendment by Yea-Nay Vote. 61 - 38. Record Vote Number: 237. GRAT restrictions were not in the final bill.
Note that the following bills are distinguishable in at least one relevant way – the version placed on the Senate calendar has Section 531, which contains the GRAT restrictions, but the latter does not have Section 531:
- H.R.5297 -- To create the Small Business Lending Fund Program to direct the Secretary of the Treasury to make capital investments in eligible institutions in order to increase the availability... (Placed on Calendar Senate - PCS, pdf)
- H.R.5297 -- Small Business Jobs Act of 2010 (Engrossed Amendment Senate - EAS) (found here, last entry)
This post confirms my earlier one: Senate version of H.R. 5297 no longer includes restrictions on GRATs (7/6/10).
Some are wondering how much lobbying money it took to get Section 531 out of the bill. Others want to know where to send their “thank you” notes. Regardless, it is important to continue to consider the following:
- Ashlea Ebeling, Goodbye GRATs?, Forbes, March 24, 2010. (Ebeling’s article was blogged about here.)
- Hani Sarji, Johnson: "Wealthy might have to kiss their GRATs goodbye", Future of the Federal Estate Tax, April 6, 2010.
- Francis W. Dubreuil, Transfer Opportunities in Advance of GRAT Legislative Change, Trusts & Estates, May 19, 2010.
(These are a few of the many articles that discussed the possibility of GRAT restrictions.)
(Special thanks: Michael Hepner, a benefits professional.)