IFA signs coalition letter for extension of estate tax relief

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Family Business Estate Tax Coalition

 

December 6, 2010

 

 

Chairman Max Baucus
                                   
     

Senate Finance Committee
                            
     
219 Dirksen Senate Office Building
             
      

Washington, DC 20510

 

 

Dear Chairman Baucus:

 

           As you continue negotiations for the end of the year tax bill, we are writing on behalf of the Family Business Estate Tax Coalition (FBETC) to remind you of our position to pass meaningful estate tax relief for family businesses and farms.
 Family businesses and farms need resolution now because at the end of 2010 the estate tax rate will increase to 55 percent and exemption amount will fall to $1 million.

 

           The significant cost to plan for the estate tax reduces investment in business growth and job creation, and is only made worse by the current uncertainty surrounding the tax.
 Without a permanent solution, there are no assurances that these businesses and family farms will continue to operate in future generations.
 The goal of the FBETC has always been full repeal of the estate tax, and we still believe this is the best solution to protect all family-owned businesses from the estate tax.
 While we understand that permanently extending full repeal may not be immediately possible, the FBETC has supported the Lincoln/Kyl proposal in the Senate and a similar bill in the House introduced by Rep. Berkley and Rep. Brady (H.R. 3905).

 

           These bipartisan proposals increase the exemption level to $5 million and reduce the rate to 35 percent.
 These proposals also ensure that any relief related to the exemption is tied to inflation and that stepped-up basis is included.
 The higher exemption level and reduced rate will lessen the burden of the estate tax and provide family businesses and farms with more capital to create much needed jobs and invest in their business.

 

           Immediate estate tax relief is needed to ensure family businesses and farms can make sound economic decisions.

 

Sincerely,

 

 

The Family Business Estate Tax Coalition

American Farm Bureau Federation ®

American Forest & Paper Association

American Foundry Society

AIADA, American International Automobile Dealers Association

American Rental Association

American Wholesale Marketers Association

AMT – The Association For Manufacturing Technology

Associated General Contractors of America

Communicating for America

Financial Executives International’s Committee on Private Company Policy

Food Marketing Institute

Heating, Airconditioning & Refrigeration Distributors International (HARDI)

Independent Community Bankers of America

Independent Insurance Agents & Brokers of America

International Foodservice Distributors Association

International Franchise Association

International Sign Association

Marine Retailers Association of America

Mason Contractors Association of America

Mortgage Bankers Association

National Association of Home Builders

National Association of Manufacturers

National Association of Wholesaler-Distributors

National Automobile Dealers Association

National Beer Wholesalers Association

National Black Chamber of Commerce

National Cattlemen’s Beef Association

National Federation of Independent Business

National Funeral Directors Association

National Grocers Association

National Lumber and Building Material Dealers Association (NLBMDA)

National Newspaper Association

National Restaurant Association

National Roofing Contractors Association

National Small Business Association

National Telecommunications Cooperative Association

National Tooling Machining Association

National Utility Contractors Association

Newspaper Association of America

North American Die Casting Association

Plumbing-Heating-Cooling Contractors – National Association

Policy and Taxation Group

Precision Machined Products Association

Precision Metalforming Association

Printing Industries of America

Service Station Dealers of America and Allied Trades

Society of American Florists

The Bowling Proprietors’ Association of America

Tire Industry Association

U.S. Chamber of Commerce

Wine & Spirits Wholesalers of America

Wine Institute

WineAmerica

 

cc: Secretary Timothy Geithner, U.S. Department of Treasury

     Director Jacob Lew, Office of Management and Budget

     Senator Jon Kyl

     Ranking Member Dave Camp, House Ways and Means Committee
      

     Representative Chris Van Hollen

 

 

 

 

 

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