The Wealth & Legacy Discussion Group > Estate Tax Exemption for 2010 and Beyond
House Bill Would Make The 2009 Estate Tax Exemption Permanent
The House of Representatives passed a Bill (H.R. 4154), known as the Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Act of 2009. H.R. 4154 would permanently extend the Federal Estate Tax Exemption of $3.5 million and the Federal estate tax rate of 45% on a go forward basis.
The Federal Estate Tax was scheduled to be temporarily reduced to zero in 2010 and then followed by a reinstatement in 2011 to $1.0 million and a much higher maximum U.S. Federal estate tax rate of 55%.
Now In The Senates Ball Court
The initiative now moves to the Senate. We will have to wait and see what happens next!
Wealth Legacy Series
I just wanted to follow-up with this thread. The bill never made it out of the Senate. I doubt at this point that we will see anything. The government stands to make more in taxes if they do nothing. We'll see. It certainly makes estate planning difficult when you are not sure what Congress may or may not do.
William L. Exeter
i've heard rumors that the estate tax exemption is/has been/will be changed for 2010. Is this true? has it happened? what is it/will it be?