A USAToday article last Friday spotlighted the approach of the Senate’s consideration of the “Death Tax Repeal Permanency Act of 2005,”introduced last July 29th., which would effectively eliminate the Federal estate tax. (HR 8)
The House passed the bill April 13th. without amendment.
The bill “declares that the sunset provisions of the Economic Growth & Tax Relief Reconciliation Act of 2001 (Pub.L. 107-16), which terminates its application to estates of decedents dying, gifts made, or generation skipping transfers after Dec. 31, 2010, shall not in fact apply to Title V, which repeals estate and generation-skipping transfer taxes, thus making the repeal permanent.”
Portions of Ohio’s operating budget (HB 66), passed last June 30, “constructively repealed Ohio’s additional estate sponge tax and generation-skipping sponge tax for decedents dying on or after it’s effective date.” (Prior posting)