Posted June 20, 2014
Legislation
to repeal estate taxes is ready for floor action with 218 co-sponsors, more
than half of the House of Representatives, on board, according to an American
Farm Bureau Federation (AFBF) press release available here.
Wisconsin Ag Connection also published the release here
and Sierra Sun Times here.
Rep. Kevin
Brady's (R-Texas) Death Tax Repeal Act, H.R. 2429, would repeal estate taxes, and
maintain stepped-up basis.
“Although
permanent law enacted as part of the American Taxpayer Relief Act of 2012
provided significant estate tax relief, repeal is the best solution to protect
all farms and ranches from the estate tax,” said AFBF President Bob Stallman.
Because it
takes more capital assets, such as land and equipment to produce the same
amount of income as other types of businesses, the estate tax burden rests
heavily on farmers.
Surviving
family members may be forced to sell off their assets if Congress fails to
permanently repeal the estate tax.
“Look at land alone,” Stallman said. “As it skyrockets in
value, the chances of surviving family members having to sell some substantial
acreage to pay estate taxes grows right along with it. This not only can
cripple a farm or ranch operation, but also hurts the rural communities and
businesses that agriculture supports.”
For more information on estate planning and taxation, please
visit the National Agricultural Law Center’s website here.
