This week, the House Ways and Means Committee will markup a recently proposed extenders package, “The Taxpayer Certainty and Disaster Relief Act.” This bill would revise the progress made in the Tax Cuts and Jobs Act (TCJA) by eliminating the doubled estate tax exemption level from $5.6 to $11.4 million. Under the proposed bill the estate tax would be returned to 2017 levels three years earlier than intended in the TCJA. The Family Business Coalition sent a letter signed by 151 groups to Chairman Neal and Ranking Member Brady, opposing lowering the exemption level. Many small-to-medium business owners and farmers have adjusted their succession plans based on TCJA. Passage of The Taxpayer Certainty and Disaster Relief Act would be a step in the wrong direction, at the expense of family businesses. FBC continues to fight for full and permanent death tax repeal.
To read our Coalition Letter opposing the extender package click here.