An Update on the Estate Tax
Last week, the Senate took steps towards placing estate tax legislation (the Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Bill of 2009) onto the Senate calendar. This maneuver may result in the Senate bypassing the Senate Finance Committee in an effort to address the most recent estate tax legislation, which expired at the end of 2009. On December 3, 2009, the House approved the bill, but the Senate, wrapped up in healthcare legislation, failed to act on the measure.
The proposed legislation would indefinitely extend the current exemption for estates up to $3.5 million per individual and $7 million for married couples. It would also set a maximum rate of 45 percent on estates above this threshold.
Tags: and Small Businesses Bill of 2009, estate legislation, estate tax, Estate Tax Relief for Families, Farmers