Reps. Feenstra (R-IA) and Bishop (D-GA)’s Death Tax Repeal Act
Reps. Feenstra (R-IA) and Bishop (D-GA) reintroduced the Death Tax Repeal Act in the House with over 160 original cosponsors. This number of original cosponsors already eclipses the total cosponsors from last Congress. We have been supportive of this legislation in the past and as we prepare for a major tax reform bill next year, which will certainly address the estate tax, we will be continuing to promote this legislation.
The Death Tax Repeal Act would permanently repeal the death tax, which imposes an unfair and costly tax on the transfer of property, land, and other assets from a deceased family member to heirs of family farms and small businesses. Over 99% of our country’s two million farms and ranches and over 95% of our nation’s small businesses are owned and operated by individuals and families, and this legislation would enable these multigenerational businesses to continue to support their families without having to pay a devastating tax upon the death of a family member.
ASA will continue to keep you posted on this important legislation.