[1] H.R. 5109 Small Business Bill of Rights
- Introduced by Rep. Mark Steven Kirk [R-IL] on 4/22/10; 7 cosponsors.
- Sec. 301 of the bill provides for “Postponement of termination of estate tax and generation-skipping transfer taxes.” But the language would extend repeal of the estate tax (and EGTRRA’s provisions on wealth transfer) until December 31, 2015.
SEC. 301. POSTPONEMENT OF TERMINATION OF ESTATE TAX AND GENERATION-SKIPPING TRANSFER TAXES.
(a) APPLICATION OF EGTRRA SUNSET. -- Section 901(a)(2) of title IX of the Economic Growth and Tax Relief Reconciliation Act of 2001 is amended by striking "December 31, 2010" and inserting "December 31, 2015".
(b) EFFECTIVE DATE. -- The amendments made by this section shall apply to the estates of decedents dying, gifts made, or generation-skipping transfers, after December 31, 2010.
- H.R.5109 would also provide tax relief for small businesses, including capital gains and alternative minimum tax relief, tax benefits for start-ups, and energy efficiency tax incentives.
[2] H.R. 5029 Economic Freedom Act of 2010
- Introduced by Rep. Jim Jordan [R-OH] on 4/15/10; 39 cosponsors.
- Would permanently repeal the estate tax.
- Would also provide a zero percent capital gains tax rate for individuals and corporations, cut corporate tax rates, expand business expensing under Sec. 179, and cut payroll taxes for 2010.
[3] H.R. 5475 Family Farm Estate Tax Relief Act of 2010
- Introduced by Rep. Mike Thompson [D-CA] on 5/28/10; 21 cosponsors.
- Would exempt farmland from the estate tax so long as the farmland is still in use.
- Would increase to $5 million the amount excluded from the gross estate with respect to land subject to a qualified conservation easement.
Rep. Thompson’s bill is receiving much support from farmer and rancher groups:
- Thompson introduces estate tax relief bill to help benefit agriculture, Lake County News, June 5, 2010 (“Robert Gayaldo, president of Lake County Farm Bureau, said the group appreciates Thompson's work on the estate tax. . . . The legislation has many supporters in the First Congressional district including the California Farm Bureau Environmental Defense Fund, Land Trust Alliance, California Wine Grape Growers, California Farm Bureau, Western Growers and United Fruit and Vegetable Growers.”)
- NCBA, PLC Support Thompson Bill to Keep Family Farms and Ranches Intact, Cattle Network, June 7, 2010 (“The National Cattlemen’s Beef Association (NCBA) and the Public Lands Council (PLC) are calling on Congress to protect family farms and ranches from being taxed out of business by supporting H.R. 5475 . . . H.R. 5475 would defer the estate tax for as long as the operation remains in agriculture. If the owner were to either stop farming or sell the property, a recapture tax would be imposed. The bill would also allow farmers and ranchers to qualify for a more generous tax deduction for land donated to a conservation easement.”).
(Note that an update to Estate Tax Bills in Front of Congress will be out soon.)
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