Wednesday’s House passage of H.R. 8, the Death Tax Repeal Permanency Act, is a great step forward, according to the Independent Insurance Agents & Brokers of America (the Big “I”).
Sponsored by Rep. Kenny Hulshof (R-Mo.), the bill would permanently repeal the estate tax, which was scheduled to be temporarily phased out by 2010 as part of President Bush’s 2001 tax cuts.
“The Big “I” and its 300,000 members across America are very pleased that the House of Representatives have passed this much-needed bill,” said Charles Symington Jr., Big “I” senior vice president of government affairs and federal relations. “The death tax disproportionately and negatively impacts small and family-owned businesses, which are crucial to our nation’s economy. The reemergence of this tax could lead to more small-business failures and hinder the perpetuation of family-owned small businesses.”
The legislation now moves on to the Senate, where Sens. Jon Kyl (R-Ariz.) and Bill Nelson (D-Fla.) have introduced a companion bill, S. 420. There is reportedly concern that the Senate may not agree to a permanent repeal of the estate tax.
“We certainly support making the repeal of the death tax permanent or significantly modifying and reducing the estate tax for the future, and will work hard for that result in the Senate,” said Brendan Reilly, Big “I” director of Federal Government Affairs. “Regardless of the legislation that finally emerges, it will be better than previous law and what will happen after 2010.”