Today the Family Business Coalition led a letter signed by 16 organizations supporting Congresswoman Noem’s Small Business Legacy Act, HR. 6329. The bill unifies the tax treatment of contributions to non-profit organizations for the estate and gift tax. In 2015, the PATH Act clarified that gifts to certain non-profit organizations do not count against a taxpayer’s gift tax exemption. The Small Business Legacy Act extends the same tax treatment of gifts to transfers at death. Politico Morning Tax ran a story on Wednesday highlighting FBC’s support of the bill.
“FIRST LOOK: The Family Business Coalition is releasing a letter today urging support for H.R. 6329, a measure from Rep. Kristi Noem (R-S.D.) that allows for an estate tax deduction for donations to certain nonprofit organizations. The group said that “creates parity in the tax code between the estate and gift taxes.”