November 27, 2009

House to Vote on Making 2009 Estate Tax Rate Permanent

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From Daily Tax Report

For over 50 years, Bloomberg BNA’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...

House Majority Leader Hoyer formally announces that he intends to bring a bill to the floor next week that would make the 2009 estate tax levels permanent. The current estate tax rate of 45 percent would be extended, rather than allowing the rate to fall to zero in 2010 and then rebound to 55 percent in 2011 as would happen under current law. The exemption levels for the bill (H.R. 4154) also would remain at 2009 levels, providing individuals with a $3.5 million exemption and couples with a $7 million exemption.