Recently, Reps. Jason Smith (R-MO) and Sanford Bishop (D-GA), along with 38 original cosponsors, introduced H.R. 218, the Death Tax Repeal Act, in the U.S. House of Representatives. Sen. John Thune (R-SD), along with 28 original cosponsors, introduced the Death Tax Repeal Act, S. 215, in the Senate. These bills would amend the Internal Revenue Code of 1986 to repeal the estate and generation-skipping transfer taxes.
NFDA remains an active member of the Family Business Estate Tax Coalition (FBETC), which is the largest long-standing coalition working for repeal of the estate tax. Comprised of organizations that represent family-owned business, FBETC has championed repeal while working to secure meaningful incremental estate tax relief.
Last week, NFDA was a signatory on letters of support sent by the FBETC to Thune, Smith and Bishop.
Stay tuned as these important bills make their way through Congress.
The FBETC has successfully helped to secure the permanent $5 million exemption, spousal transfer and stepped-up basis that was passed as part of the American Taxpayer Relief Act of 2012 and the $11 million exemption put in in place through 2025 by the Tax Cuts and Jobs Act.