Recess Begins, Congress Plans for Busy September on Taxes

The Senate has gaveled out for the August recess without further action on the small business bill that Senators Blanche Lincoln (D-AR) and Jon Kyl (R-AZ) sought to amend to include estate tax relief. Read more...

Update from Capitol Hill

On July 28, as the Senate began to move to the small business bill (HR 5297), Majority Leader Harry Reid (D-NV) objected to a request by Minority Leader Mitch McConnell (R-KY) to allow consideration of several amendments to the bill... Read more...

Disagreement on Amendments Slows Small Business Bill

On July 29 Senate Republicans blocked an attempt by Democratic leaders to invoke cloture and proceed to debate on the small business bill (HR 5297) in a 58-42 vote. Republicans opposed further movement on the bill due to their inability to offer amendments... Read more...

House Makes Fourth Attempt at GRATs

In the recurring battle over the GRAT provision, on July 30 Ways and Means Committee leaders introduced and sent to the floor a third small business bill (HR 5982) including the harmful provision. The measure has been added to the suspension calendar, which means the House would need a 2/3 majority to pass the bill.. Read more...

House Adjourns; Senate Makes Final Attempt on Small Business Bill

On July 30 the House failed to reach the 2/3 vote required to pass the third small business bill (HR 5982) that included the harmful provision limiting the use of grantor-retained annuity trusts (GRATs). The vote was 241-154. Read more...

Senate to Begin Consideration of
Small Business Bill

Senate consideration of the small business bill (HR 5297) is expected to begin on July 20. On July 17, Majority Leader Harry Reid (D-NV) announced that he had reached an agreement with Republicans on permitted amendments... Read more...

The Latest from Capitol Hill on Estate Tax Reform

With families facing unprecedented uncertainty, the future of the estate tax on Capitol Hill remains an open question. After Congress passed the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) in 2001, the law slowly phased in a reduction of the rate to 45% and an increase of the exemption to $3.5 million through 2009 and temporarily repealed the tax in 2010. Read more...

Senate Small Business Bill Does Not Include GRAT Provision

The Senate began consideration of its version of the small business lending bill and passed a key procedural hurdle, invoking cloture by a vote of 66-33. As you know, the House previously passed its bill (HR 5297). Read more...

Update from Washington

Here is the latest from Washington: Lincoln/Kyl, Small Business Bill, and Proponents of Higher Taxes are all in the news. Read more...

House Passes Bill with GRAT Provision Included

Today the House passed a bill purported to help small business (HR 5486) that includes a provision limiting the use of grantor retained annuity trusts (GRATs). Read more...

Kyl Pledges to Push for Estate Tax Relief on Small Business Bill

House leaders have begun to prepare to consider a small business bill that would include a provision limiting the use of grantor retained annuity trusts (GRATs). Read more...

House Likely to Consider Another Bill Including GRAT Limitations

House Democratic leaders have announced that they plan to introduce and consider another bill that would include a provision limiting the use of grantor retained annuity trusts (GRATs). Read more...

House Passes GRAT Revenue Raiser

This afternoon the House passed the Ways and Means Committee’s “Small Business and Infrastructure Jobs Tax Act”, which includes the provision limiting the usefulness of GRATs, by a vote of 246-178. Read more...

House Clears Health Care Bills, Estate Tax Questions Remain

As you know, the House has been focusing intensely on preparations for yesterday’s historic passage of both the Senate and reconciliation health care reform bills. Read more...

Ways and Means Committee Moves GRAT Provision Forward

We attended the House Ways and Means Committee markup of H.R. 4849, the “Small Business and Infrastructure Jobs Tax Act of 2010”. As expected, Congressman Kevin Brady (R-TX) offered an amendment to strike the GRAT provision from the bill. Read more...

In Context of Jobs, Parties Negotiate Timeline of Estate Tax Reform

The House and Senate have halted legislative business for the week due to the historic snowstorm. Both chambers will be on recess next week for the Presidents’ Day holiday and are scheduled to return the week of February 22. Read more...

FY 2011 Budget

Today the Administration released its FY 2011 Budget, which includes three proposals aimed to increase estate-related taxes by $23.73 billion over the next ten years. Last year Policy and Taxation Group was successful in working to prevent these tax increases from being included in any legislation moving forward. Read more...

Senate Passes PAYGO Amendment Affecting Estate Tax Offsets

On a party-line vote, today the Senate accepted Senate Majority Leader Harry Reid’s (D-NV) amendment to re-impose a statutory pay-as-you-go (PAYGO) requirement that spending increases and revenue decreases be offset by equal amounts of spending decreases and revenue increases. Read more...

Baucus and Reid on Estate Tax Expectations

Late last week, BNA reported that Senate Finance Committee Chairman Max Baucus (D-MT) indicated that he intends to draft legislation that would reinstate the estate tax retroactively, but that he was unsure when legislation might be ready for consideration on the floor. Read more...

Political Landscape Changing in Washington

Tuesday’s come-from-behind election victory for Scott Brown (R-MA) to Senator Ted Kennedy’s seat (D-MA) has changed the game on a number of issues on Capitol Hill, most notably health care reform, but it also will likely have ramifications for us as well. Read more...

House Returning This Week without Plan for Estate Tax

The new year has begun and Hill staff have indicated both publicly and privately that there is not yet consensus among Democratic leaders on how to address the estate tax. Read more...

Estate Tax Reform Likely Postponed Until 2010

The situation on estate tax reform has been very fluid on Capitol Hill over the past several days. As we reported on Sunday, late last week Senate and House leaders, recognizing that their procrastination on the issue had left few options, began to negotiate the inclusion of a temporary extension of the estate tax at current levels in the “must-pass” defense appropriations bill. Read more...

Estate Tax Reform Update

Following passage by the House last week of a permanent extension of 2009 law, attention has now turned to the Senate, where the chamber continues to focus increasingly precious floor time on health care reform. Read more...

House Passes Permanence Instead of
One-Year Freeze

Over the last three months, we have worked strategically to move House leaders away from legislative proposals that would merely extend the current estate tax for one year or eliminate important valuation discount planning techniques. Read more...

House Plans for Permanence over Temporary Freeze

Good news! On October 22, House Ways and Means Committee Chairman Charles Rangel (D-NY) publicly reported that his committee is preparing legislation to permanently freeze the estate tax at current levels instead of opting for a one-year freeze that would force us to fight against an automatic 55% rate and $1 million exemption next year. Read more...

Berkley Bill Introduced, House Leaders Consider Estate Tax Approach

Today Congresswoman Shelley Berkley (D-NV) introduced her bipartisan estate tax reform bill with fellow sponsoring Representatives Artur Davis (D-AL and member of Congressional Black Caucus), Kevin Brady (R-TX and repeal bill sponsor) and Devin Nunes (R-CA). Read more...

Congress Prepares for Fall Battle on Estate Tax Reform

As Congress has returned from the August recess, the House and Senate have begun to turn their attention to estate tax reform. And the stakes in this fall’s battle couldn’t be higher for families. Read more...

Opportunities and Challenges for Estate Tax Reform

This spring, Congress and the President have taken several steps that have begun to set the stage for the upcoming fight this fall over estate tax reform. Read more...

Congress Should Reject Treasury’s “Greenbook” Estate and Gift Tax Increases

In the Treasury Department’s “Greenbook” released on May 11, 2009, the Administration proposed partially offsetting the cost of health care reform with three increases in estate and gift taxes. These proposals would arbitrarily increase the tax burden on individuals and family businesses and would be inconsistent with the goal of permanent and fair estate tax relief. These three changes include: Read more...

Jeff Cook Debates the Estate Tax on CNBC

Jeff Cook Debates the Death Tax on CNBC

Status of Death Tax Repeal (April 2009)

Congress Daily: Grassley Makes Case for Estate Tax Reform in 2009

Chart on State Death Taxes