Update: Estate Tax Bill

I have been trying to follow and keep fellow appraisers abreast on any pending moves for estate tax legislation. The Hill recently reported that Sen. Chuck Grassley (R-Iowa) predicted there will be legislation on the Senate floor and a new estate tax bill will be passed before the end of the year. Grassley stated he believes the exemption will be $3.5 million. Grassley did not comment on what the tax rate will be above any exemption or if the new legislation will be retro active to the beginning of the year.

Time is running out, and we have seen these statements before that legislation was close, only to see it not get to the Senate floor.

The Hill reports

Congress is likely to finish work this year on setting a permanent estate tax, Sen. Chuck Grassley (R-Iowa) suggested Thursday.

Grassley, the ranking member of the Senate Finance Committee, suggested that Congress is likely to settle on an estate tax rate this year, and exempt up to $3.5 million of estates from taxation.

"If we go back to a million-dollar estate tax exemption, which is going to happen Jan. 1, we're going to be selling a lot of farm land to pay estate taxes," Grassley told AgWired. "And even at $3.5 million dollars, which I think is where we're going to end up, it's still going to be detrimental to some family farmers. But I think that's where we will end up, and I think we'll do it before the end of the year."

To read the full article, click HERE.