Thursday, December 3, 2009 at 01:25PM | Staff 2009 Estate Tax Exemption May Become Permanent
The United States Estate Tax Exemption is currently set at $3.5 million for a single taxpayer ($7.0 million for a married couple) and the maximum U.S. Federal estate tax rate is currently set at 45% for the taxable year of 2009.
House Bill Makes 2009 Estate Tax Exemption Permanent
The House of Representatives passed a Bill (H.R. 4154), known as the Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Act of 2009. H.R. 4154 permanently extends the Federal Estate Tax Exemption of $3.5 million and the Federal estate tax rate of 45% on a go forward basis.
The Federal Estate Tax was scheduled to be temporarily reduced to zero in 2010 and then followed by a reinstatement in 2011 to $1.0 million and a much higher maximum U.S. Federal estate tax rate of 55%.
Now In The Senates Ball Court
The initiative now moves to the Senate. We will have to wait and see what happens next!
