|
|
Estate Tax Reform |
| Issue: |
Should Congress pass legislation to help preserve family
businesses by further reforming the estate tax laws? |
| Background: |
Many beer wholesaling companies are family-owned and operated,
some for many generations. Until last year, the estate tax laws made
passing on family businesses very difficult financially, but the
1997 reforms have improved the situation. |
| Legislative History: |
In 1997, Congress passed and the President signed legislation to
increase the unified credit to $1 million over the next ten years.
While all taxpayers may take advantage of this provision, qualified
family-owned and operated businesses receive additional relief which
decreases as the unified credit increases. Starting in 1998, family
businesses will receive an extra $675,000 (unified credit goes to
$625,000 in 1998) of relief for a total of $1.3 million. |
| NBWA Position: |
NBWA supports significant additional reform of the estate tax
laws in order to preserve family businesses. |
| Action Needed: |
Congress should pass legislation to eliminate or significantly
reform the federal estate tax laws. Hard work should be rewarded,
not penalized. |
|
More
Issues | |
