Organizations Push for Tax Bill to Exclude Farms From Estate Tax
Organizations are pushing for broader exemption to the estate tax bill that would exclude farms from estate taxes. In a November 30 letter addressed to House Speaker Nancy Pelosi, D-CA, and House Minority Leader John Boehner, R-OH, 91 organizations stated their support for the Family Farm Preservation and Conservation Estate Tax Act, H.R. 3524, sponsored by Congressman Mike Thompson, D-CA. The bill would exlude farm assets from estate taxes for as long as the property remains a family agricultural operation.
This is especially interesting in light of prior posts regarding an op-ed piece in the Wall Street Journal. Specifically, the op-ed piece advocated for a high federal estate tax exemption for family farms and a lower exemption for inherited wealth. The following week, the Wall Street Journal published letters to the editor critical of the proposal, which are discussed here.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.