The U.S. House of Representatives has recently taken up a pair of related bills concerning the Gift and Estate Taxes. Both bills have been brought before the full house for a vote.
Lawmakers have grown increasingly wary about how the gift and estate taxes operate to cause strain on estates of farmers, small business owners and others. This is especially a concern given President Obama’s new proposals for an increased capital gains tax and for eliminating the step-up basis for capital gains on death.
Recently, the House of Representatives passed, with broad bipartisan support, the Fair Treatment for All Gifts Act and the Death Tax Repeal Act as reported by The National Law Review in an article titled “Gift Tax Certainty at Last? re: H.R. 1104.”
The gift tax act would exempt from the gift tax any gifts to social welfare organizations, trade associations and labor unions. This is an extension of the IRS policy that already exempts gifts to social welfare organizations.
The Death Tax Repeal Act will do just what it says.
Of course, neither act is currently law. They both must still pass the Senate and avoid a Presidential veto. However, this is the first step to making these acts law.
Reference: The National Law Review (April 17, 2015) “Gift Tax Certainty at Last? re: H.R. 1104.”
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