House Votes to Permanently Extend Estate Tax
By a vote of 225 to 220, the House on Dec. 3 voted to approve H.R. 4154, the Permanent Estate Tax Relief for Families, Farmers and Small Businesses Act of 2009.
The legislation would make permanent the 2009 estate tax provisions, including a $3.5 million individual exemption ($7 million per couple) and a 45% tax rate on amounts above those exemption levels. The tax would not be indexed for inflation.
The vote came less than a month before current law would totally eliminate the estate tax in 2010 and then restore it in 2011 with a higher rate and lower exemption.
Prior to the House vote, NAHB sent a letter to lawmakers in support of H.R. 4154. “While NAHB members would prefer outright repeal of the estate tax, our members support this legislation as an important step forward toward that ultimate goal,” the letter said.
How and when the Senate will deal with the estate tax issue is unknown at this time.
To view the legislation, click here and enter H.R. 4154 in the box in the upper center of the screen.
For more information, e-mail Greg Brown at NAHB, or call him at 800-368-5242 x8421.