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Any tax information or written tax advice contained herein (including any attachments) is not intended to be and cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on the taxpayer. (The foregoing legend has been affixed pursuant to the U.S. Treasury Regulations governing tax practice.)
The matters highlighted on this website are presented in general terms and cannot be applied without consideration of all circumstances. NSBN will provide additional details upon request and will be pleased to discuss with our clients or their attorneys the possible effects of these matters in specific situations.
Email Alert
House of Representatives Expected to Vote on Estate Tax Fix
December 2, 2009
H.R. 4154, the Permanent Estate Tax Relief for Families, Farmers, and Small Business Act of 2009, has been added to the House floor calendar for consideration during the week of Nov. 30. Although titled "Permanent", it appears that this bill will provide for a temporary estate tax fix and extend the current estate tax provisions, due to expire on December 31, 2009, for one year. This bill would allow a $3.5 million estate tax exclusion and a reduction in the maximum estate and gift tax rate to 45% after 2009. Specifically, it would repeal the provisions of the estate tax that are applicable to 2010 which eliminate the tax on estates and generation-skipping transfers and the step-up in basis provisions for property acquired from a decedent for estates of decedents dying after 2009. It is anticipated that Congress will work on a permanent estate tax fix in 2010.
We will keep you updated on the status of this proposed legislation. If you have any questions, please contact us.
