Monday, December 7, 2009
The following information is from Hani Sarji, Rep. Nye [D-VA] introduces H.R. 4174 on 12/2/09, Future of the Federal Estate Tax Blog, Dec. 3, 2009:
This bill would provide the following changes to the federal estate and gift taxes for decedents dying, and gifts made, after December 31, 2010:
- Repeal the carryover basis by making EGTRRA's sunset not apply to estate and gift taxes
- Increase the exclusion amount to $5M, and have a maximum rate of 35%
- Increase the deduction for family-owned businesses to $5M
- Provide an exclusion from the gross estate of value of a principal residence * * *
This bill has been referred to the Committee on Ways and Means.