On June 19, 2013, legislation known as the Death Tax Repeal Act of 2013 was introduced in the U.S. House and the U.S. Senate that would permanently repeal the estate tax. The legislation would also maintain stepped-up basis, and make permanent a 35 percent gift tax rate and $5 million lifetime gift tax exemption indexed for inflation. The American Farm Bureau Federation supports the legislation, noting the crippling effects the estate tax can have on family agribusinesses and surrounding communities when the tax exceeds cash and liquid assets possessed by surviving family partners.
The full text of the bills (S 1183 and HR 2429) is not yet available on the Library of Congress website.
Written By Sarah Doyle – Research AssistantThe Agricultural Law Resource and Reference Center
June 21, 2013