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Last week, Representatives Randy Feenstra (R-IA) and Sanford Bishop (D-GA) introduced the Death Tax Repeal Act companion bill in the House with over 160 original cosponsors. See their press release here. This number of original cosponsors already eclipses the total cosponsors from last Congress. FBC is looking forward and gearing up for a major tax reform bill next year which will certainly address the estate tax. We will be continuing to promote both the House and Senate bills in order to build as much momentum as possible moving towards the next tax reform effort in 2025.  FBC reached a new high water mark this…continue reading →

As part of the Family Business Coalition’s (FBC) mission to protect family businesses, FBC began looking into the success of the Paycheck Protection Program. After passage of the CARES Act, our team helped a number of multi-generational family businesses, across a broad group of industries, understand the ins and outs of the newly created Paycheck Protection Program, including the accompanying Treasury guidance. FBC strongly supports the PPP loan program which has helped almost 5 small million businesses cover payroll and business expenses during the COVID-19 crisis.continue reading →

This week, the House Ways and Means Committee will markup a recently proposed extenders package, “The Taxpayer Certainty and Disaster Relief Act.” This bill would revise the progress made in the Tax Cuts and Jobs Act (TCJA) by eliminating the doubled estate tax exemption level from $5.6 to $11.4 million. Under the proposed bill the estate tax would be returned to 2017 levels three years earlier than intended in the TCJA. The Family Business Coalition sent a letter signed by 151 groups to Chairman Neal and Ranking Member Brady, opposing lowering the exemption…continue reading →

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…continue reading →

Late Friday night, the Senate joined the House in passing its tax reform framework, the Tax Cuts and Jobs Act, in a 51-49 vote. For decades, family businesses of all sizes have operated under an outdated and complicated tax code. The passage of the Senate tax reform bill is another step toward lasting reform that simplifies the tax system, reduces tax burdens on small businesses, and boosts income for workers. The Senate tax reform proposal remedies several significant shortcomings of the current code by reducing the corporate rate to 20 percent, lowering taxes…continue reading →

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 →

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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 →

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 →

By Annette Sweeney It seems that the country is more politically divided than ever. We have two presidential candidates that have high disapproval ratings and campaign events where chaos has become the norm. Even in these divided times, a majority of Americans can support certain policies, namely the need for comprehensive tax reform. This is a necessary policy change that is long overdue and is something our presidential candidates should endorse to begin to bring the country back together. I proudly represented the people of Iowa in the state Legislature for four years and I…continue reading →