Saturday, December 5, 2009

CCH Briefing Details House Estate Tax Measure

/PRNewswire/ -- Following passage by the House of Representatives on December 3, 2009 of the Permanent Estate Tax Relief for Families, Farmers, and Small Business Act of 2009, CCH has issued a Special Tax Briefing on its provisions which, if adopted by the Senate, will provide certainty for estate taxes and estate planning, largely by freezing the status quo as of this year. Read the Briefing at

"The House bill provides for a $3.5 million estate tax exclusion with no portability, a top estate tax rate of 45 percent, a continuation of stepped-up basis and ratifies the permanent repeal of the state death tax credit," said CCH Senior Estate Planning Analyst Bruno Graziano, JD, MSA.

The measure moves on to the Senate, where the bill's lack of indexing for inflation may pose a difficulty, but many observers believe some kind of estate tax "fix" is imperative this year.

"Without some new legislation in place, 2010 would see the complete abolition of the estate tax - for that year alone - but also a move to a 'modified carryover basis' system for valuing inherited assets that could increase the income tax burden of beneficiaries and would be very difficult for executors and accountants to deal with," Graziano said.

The Briefing also details the impact of the House bill on the gift tax and generation-skipping transfer tax.

CCH Tax Briefings

To read the Briefing, visit Timely, current analysis of this and other tax legislation can be found at CCH Tax Legislation Coverage (

Fayette Front Page
Georgia Front Page

No comments:

Post a Comment

We do not publish all comments, and we may not publish comments immediately. We will NOT post any comments with LINKS, nor will we publish comments that are commercial in nature.

Constructive debate, even opposing views, are welcome, but personal attacks on other commenters or individuals in the article are not, and will not be published.

We will not publish comments that we deem to be obscene, defamatory, or intended to incite violence.