Repeal is the most effective way to protect family-run businesses from the estate tax, Farm Bureau and more than 50 other organizations wrote in a letter to Sen. John Thune (R-S.D.) and Reps. Jason Smith (R-Mo.) and Sanford Bishop (D-Ga.), who introduced the Death Tax Repeal Act (S. 215, H.R. 218) in their respective chambers.
In its letter, the Family Business Estate Tax Coalition noted it had supported legislation in 2012 that included a $5 million estate tax exemption, indexed for inflation, permanent lower tax rates and provisions for spousal transfer and stepped-up basis. In addition, the coalition backed the Tax Cuts and Jobs Act’s temporary doubling of the estate tax exemption to $11.2 million and indexing of future increases for inflation through 2025.