Estate tax repeal measures introduced in U.S. Congress
Bills have been introduced in the U.S. House and Senate that would repeal the federal estate tax and avoid the reduction in the estate tax exemption in 2013. S. 2422, the Death Tax Repeal Permanency Act, was introduced on March 28 by Sen. John Thune (R-S.D.) and has 34 co-sponsors, including Johnny Isakson (R-Ga.). It would do away with estate taxes, insure stepped-up basis and cap the lifetime gift exemption at $5 million.
S. 2422 is companion legislation to H.R. 1259, the Death Tax Repeal Permanency Act of 2011, introduced by Kevin Brady (R-Texas) last year. H.R. 1259 has 205 co-sponsors, including eight of the 13 representatives from Georgia. Without congressional action, the estate tax exemption will shrink to $1 million per person with no spousal transfer, and the top rate will be 55 percent.