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Bipartisan Estate Tax Bill Introduced in House

With the estate tax set to expire in 2010, a bipartisan bill has been introduced in the U.S. House of Representatives that would increase the estate tax exemption to $5 million, (phased in with a $250,000 increase each year from 2009, when the exemption will already be $3.5 million, to 2015). The exemption would then be indexed to increase at the rate of inflation.

The bill, introduced by Reps. Harry Mitchell (D-AZ) and Christopher Shays (R-CT), would also create two tax rates: 15 percent for estates worth $25 million and less and 30 percent for estates worth more than $25 million. Under current law, the top tax rate will be 45 percent in 2009.

Earlier in the year, the U.S. Senate voted 51-41 to reaffirm its support for a budget resolution that establishes the current-law 2009 estate tax rules through 2012.

To read a copy of the bill, H.R. 3170 go to: http://thomas.loc.gov/cgi-bin/query/z?c110:h.r.3170:

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