Jeff Carlson of the CCH News staff reports:
The Senate late on January 20 completed the procedural steps necessary for placing estate tax legislation (the Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Bill of 2009 HR 4154) directly on the Senate calendar. The unusual step could lead to the Senate bypassing the Senate Finance Committee in order to address estate tax legislation, which expired at the end of 2009. House lawmakers approved the bill by a vote of 225-to-200 on December 3, 2009 (TAXDAY, 2009/12/04, C.1) but the Senate, embroiled in health care reform legislation, failed to act on the measure.
The legislation would permanently extend the current exemption for estates up to $3.5 million per individual and $7 million for married couples and set a maximum rate of 45 percent on estates above this threshold.
Posted by Marc Patterson, Managing Associate Editor, Wealth Strategies Journal.
The Senate late on January 20 completed the procedural steps necessary for placing estate tax legislation (the Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Bill of 2009 HR 4154) directly on the Senate calendar. The unusual step could lead to the Senate bypassing the Senate Finance Committee in order to address estate tax legislation, which expired at the end of 2009. House lawmakers approved the bill by a vote of 225-to-200 on December 3, 2009 (TAXDAY, 2009/12/04, C.1) but the Senate, embroiled in health care reform legislation, failed to act on the measure.
The legislation would permanently extend the current exemption for estates up to $3.5 million per individual and $7 million for married couples and set a maximum rate of 45 percent on estates above this threshold.
Posted by Marc Patterson, Managing Associate Editor, Wealth Strategies Journal.
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