H.R. 4154, the Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Act of 2009, passed in the House of Representatives Thursday by a vote of 225-200. Introduced by Representative Earl Pomeroy, D-N.D., the bill would permanently extend 2009 exemption levels of $3.5 million for a single individual and $7 million for a married couple. The bill also permanently sets the estate tax rate at 45%. Under current law the estate tax would disappear in 2010 but then revert to 2001 levels of a $1 million exemption and a rate of 55% in 2011.
According to Pomeroy this bill will provide full and permanent estate tax relief for 99.75% of families, farmers, and small businesses in this country, who would not have to pay any estate tax. Pomeroy adds that this bill will provide the stability families need to make long-term decisions and avoid the estate planning roller coaster that will result from current law.
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