U.S. Senator John Thune (R-S.D.), a member of the tax-writing Senate Finance Committee, joined several of his Senate colleagues, including Arkansas's Senators, in reintroducing legislation to permanently repeal he federal estate tax. A similar, companion bill was filed in the U.S. House with all Arkansas members signed on as cosponsors. Both measures are broadly supported by agriculture industry organizations, which represent many family enterprises concerned with the potential effect of these taxes on their abilities to transfer operations to future generations. In the Jobs and Tax Act of 2017, the estate tax exemption was doubled from doubled the estate tax exemption — the value of estates that is exempt from the estate tax — from $11 million to $22 million per couple.
More below:
https://www.thune.senate.gov/public/index.cfm/press-releases?ID=E560A547-6DF4-404F-A333-744FE1B202A7
https://jasonsmith.house.gov/newsroom/documentsingle.aspx?DocumentID=3483
https://www.cotton.org/issues/2021/upload/21detaxlet.pdf
H.R.1712 — 117th Congress (2021-2022)To amend the Internal Revenue Code of 1986 to repeal the estate and generation-skipping transfer taxes.Sponsor: Rep. Smith, Jason [R-MO-8] (Introduced 03/09/2021) Cosponsors: (121) Committees: House - Ways and Means Latest Action: House - 03/09/2021 Referred to the House Committee on Ways and Means.
S.617 — 117th Congress (2021-2022)A bill to amend the Internal Revenue Code of 1986 to repeal the estate and generation-skipping transfer taxes, and for other purposes.Sponsor: Sen. Thune, John [R-SD] (Introduced 03/09/2021) Cosponsors: (25) Committees: Senate - Finance Latest Action: Senate - 03/09/2021 Read twice and referred to the Committee on Finance.