This week, the Death Tax Repeal Act of 2021 was introduced (S. 617 & H.R. 1712) by Reps. Jason Smith (R-MO) and Sanford Bishop (D-GA) in the House and Senate Minority Whip John Thune (R-SD) in the Senate. This bill would permanently repeal the estate tax.
The temporary estate tax relief in the Tax Cuts and Jobs Act (TCJA) passed in 2017 doubled the estate tax exemption to approximately $11.7 million for tax year 2021 and indexed future increases for inflation through 2025.
These changes represented significant relief to family-owned businesses from the estate tax. However, without further congressional action, the temporary increase in the exemption amount will expire at the end of 2025, increasing uncertainty and planning costs.
The best solution to protect all family-owned businesses is to permanently repeal the estate tax.
You Can Help!
NFDA is reaching out to Reps. Smith and Bishop and Sen. Thune to thank them for introducing these bills and to urge them to continue to fight on behalf of family-owned businesses. NFDA will also be lobbying other members of Congress, asking them to sign on as co-sponsors of these bills.
But, as you know, the best way to successfully move issues forward – as we did with the BRAVE Act – is when we speak with one clear voice.
We’re asking you to contact your members of Congress and urge them to support the Death Tax Repeal Act of 2021.
Contacting your Senators and Representative is as easy as 1, 2, 3!
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Collectively, our voices are stronger when we speak together. Thank you again for your support and taking a few minutes to contact Congress on this important issue. Please stay tuned for more updates on this bill as it makes its way through Congress.
Contact Members of Congress TODAY!