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People who inherit family businesses will be required to pay up to 55 percent in federal estate taxes starting Jan. 1, 2011, when current death-tax relief measures expire. The death tax gets paid when a family business is passed on to a family member upon the owner’s death. Heirs must pay the federal government taxes on all business assets, including land, buildings and equipment.
Congress voted to phase out the death tax in bipartisan legislation signed by President Bush in 2001. However, the Senate inserted a provision to revoke the relief at the end of 2010. Several bills are pending to permanently repeal the tax, including H.R. 2380, by Reps. Kenny Hulshof (R-Mo.) and Bud Cramer (D-Ala.), as well as H.R. 1586, by Rep. Mac Thornberry (R-Tex.).
Questions?
Contact Michelle Reinke at (202) 331-5900 or mreinke@restaurant.org.
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