News Date: 12/14/2010
On Monday, the Senate invoked cloture on the legislation that would extend for two years the Bush-era tax cuts. The legislation, which includes language that reforms the estate tax by instituting a $5 million exemption and a top tax rate of 35%, passed by a vote of 83-15. The Senate is set to pass the bill on Tuesday or Wednesday of this week. The House previously passed a bill that would have returned the estate tax exemption level to $3.5 million with a top tax rate of 45% at the beginning of next year. Van Hollen and others have indicated they would like to amend the tax legislation to insert these estate tax provisions. Were the house to amend the bill, it would have to return to the Senate for reconsideration. NASDA has written to the top negotiators in the Senate and House of Representatives advocating for estate tax relief by way of a $5 million exemption and a 35% tax rate, which has been supported by numerous other agricultural groups. (Contact: Brad McKinney)
On Monday, the Senate invoked cloture on the legislation that would extend for two years the Bush-era tax cuts. The legislation, which includes language that reforms the estate tax by instituting a $5 million exemption and a top tax rate of 35%, passed by a vote of 83-15. The Senate is set to pass the bill on Tuesday or Wednesday of this week.
The House previously passed a bill that would have returned the estate tax exemption level to $3.5 million with a top tax rate of 45% at the beginning of next year. Van Hollen and others have indicated they would like to amend the tax legislation to insert these estate tax provisions. Were the house to amend the bill, it would have to return to the Senate for reconsideration.
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