Estate Tax Action Expected Soon

On Tuesday, Senate Finance Chairman Max Baucus said that discussions on the small business bill and the estate tax are happening simultaneously.  There most likely will have to be an agreement on both in order for both to advance, and a vote on the small business bill is expected before the Memorial Day recess. 

The senators seek to create a less burdensome estate tax than the one that will otherwise be imposed in 2011.  They also seek to give estates a choice in either complying with the current repeal or the new legislation. 

See Jay Heflin, Baucus Sees Action on Small Business Bill, Estate Tax Soon, The Hill, May 4, 2010. 

Special thanks to Jim Hillhouse (Wealth Counsel) for bringing this to my attention.