Delaware Legislature Passes Death Tax Repeal Legislation, Awaiting Gov. Signature

Yesterday, family business owners in The Diamond State were happy to hear that the state Senate passed a bill, repealing Delaware’s estate tax. Despite the fact that estate tax repeal is a traditionally Republican priority, several Democrats crossed the political aisle to repeal the tax. For many business owners in Delaware, the relief couldn’t have come soon enough. Currently, Delaware’s estate tax exemption is set to match the federal exemption level of $5.49 million, however, for many inventory-heavy Delaware businesses, the additional state estate tax can have crippling economic effects. Often, business owners…continue reading →

FBC Celebrates Death Tax Wins In D.C. and Minnesota

The Family Business Coalition enjoyed two victories last week in the tireless fight to protect the engine of the American economy. The wins came in Washington D.C. and St. Paul, Minnesota.  On Tuesday, the D.C. City Council voted decisively in a 9-4 vote against an amendment that would have forced more district businesses into paying the city's death tax. The amendment sought to freeze the current district estate tax exemption at $2 million rather than raising the exemption to match the $5.49 million federal exemption level. The Family Business Coalition sent a letter to the D.C.…continue reading →

D.C. City Council Defeats Estate Tax Increase

Earlier today, the D.C. City Council voted decisively 9-4 against an amendment that would have forced more district businesses into paying the city's death tax. The amendment sought to freeze the current district estate tax exemption at $2 million rather than raising the exemption to match the $5.49 million federal exemption as scheduled. The Family Business Coalition sent a letter to the D.C. City Council last week outlining its opposition to the proposed tax increase. DC is currently one of only 18 states that levy a transfer tax. Blue and red states alike are moving towards eliminating…continue reading →

Tax reform positive for agriculture

By Michelle Rook Today at 7:45 a.m. WASHINGTON, D.C. — United States taxpayers could see sweeping reform of the nation's tax policy if President Donald Trump and Congress can come together on a plan. The Trump administration recently released initial details of what they describe as one of the largest tax plan overhauls in history. However, the House Ways and Means Committee and the Senate are also working on legislation of their own. So far, the proposed plans all simplify the tax code and lower income tax rates for individuals and corporations. In fact,…continue reading →

FBC reiterates call to withdraw proposed Section 2704 regulations

Today FBC sent a letter to Secretary Mnuchin reiterating our request for the Treasury Department to withdraw the proposed Section 2704 estate and gift tax regulations along with our coalition letter signed by 119 organizations. We are continuing to push for withdrawal of the proposed regs to provide certainty for family businesses. The letter is available below and here:continue reading →

133 Organizations Sign Coalition Letter Supporting Death Tax Repeal Act

Washington, DC: Today the Family Business Coalition sent a letter to Senator John Thune (R-SD) and Congresswoman Kristi Noem (R-SD) supporting their introduction of the Death Tax Repeal Act of 2017. 133 trade associations and advocacy organizations representing a wide range of America’s family businesses joined the letter in support the legislation. The coalition letter states in part, “The negative effects of the estate tax make permanent repeal the only solution for family businesses and farms. Your legislation will help America’s family businesses create jobs, expand operations, and grow the economy.” Palmer Schoening,…continue reading →

New Polling Shows Support for Wind Tax Credits

Washington, D.C. (Dec. 19, 2016)— The Family Business Coalition (FBC) released a poll of registered voters in Oklahoma that shows widespread support for the state’s wind industry and the wind tax credit that supports it. The poll shows not only Oklahomans want more state investment in wind power, but that they believe eliminating the state wind tax credit is a poor solution for fixing the state budget. A poll of 373 Oklahoma registered voters conducted at the end of November revealed important findings about the public’s opinion toward wind power in the state:…continue reading →

Interest Groups See Path to Estate Tax Repeal With Trump

By Allyson Versprille Republican Donald Trump’s election signals good things for people who want to kill the federal estate tax. In the weeks leading up to the election, lobbyists for and against repealing the tax—Trump’s plan calls for repeal—expected that the estate tax wouldn’t change much in the first few years of the next presidency. Many anticipated a divided government that would keep the issue at a standstill. But with Trump’s win and Republicans maintaining control of both House and Senate, groups in favor of repealing what they refer to as the “death…continue reading →

Will Trump Victory Yield Estate Tax Repeal?

By Ashlea Ebeling Estate tax foes have been waiting for a Republican president to make repeal happen, and now they have their chance with President-elect Donald Trump. “It will still be a heavy lift but not insurmountable as it has been with [President Barack] Obama in office,” says Palmer Schoening, head of the Family Business Coalition. “Trump made repealing the death tax a key tenet of his tax reform proposal, and we look forward to working with him to see it through.” Trump’s tax plan calls for repealing the estate tax, and imposing…continue reading →