New Estate Tax Legislation Introduced

On Nov. 4, 2009, Representative McNerny (D-CA) introduced H.R. 4015, which would “amend the Internal Revenue Code of 1986 to extend certain estate tax provisions and restore and increase the estate tax deduction for certain family-owned business interests.” 

Specifically, the bill would maintain the lifetime estate tax exclusion amount at $3.5 million and increase the estate tax deduction for certain family-owned business interests to $8 million.  

For more information, see the text of the bill.  

Special thanks to Hani Sarji (LL.M. Candidate, New York Law School) for bringing this to my attention.