What Would Federal Estate Tax Repeal Mean?
If the federal estate tax were to be permanently repealed, what would it mean? The Economic Growth and Tax Relief Reconciliation Act of 2001 gradually phases out the federal estate tax until it’s completely repealed in 2010, for one year only. Without additional legislation, the federal estate tax will return in 2011. Since 2001, there have been several efforts in Congress to make the federal estate tax repeal permanent. Most recently, the House of Representatives voted in April 2005 to do so; that bill is now being debated in the Senate. Recent word from the Senate indicates that a compromise falling short of full repeal may be reached soon. With the future of the estate tax still up in the air, your clients probably have many questions. To help you keep them informed, we’ve created a new two-page concept piece that explains the impact federal estate tax repeal might have: Estate Tax Repeal – Update As with all our presentation materials, you may customize this piece by adding your ph