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Family Business Coalition Statement – Tax Relief for Rural America

The Working Families Tax Cuts delivered historic tax relief for family businesses, farms, andranches across the country. By shielding the majority of family businesses from the destructivedeath tax, the law helps ensure that hardworking families can pass their businesses on to the nextgeneration of leadership. The increased estate tax exemption provides long-term certainty forfamily-owned operations that form the backbone of many local economies. By making theseprovisions permanent, the law also reduces the need for costly and time-consuming estateplanning, allowing business owners to focus their resources where they matter most: expandingtheir operations, innovating for…continue reading →
Supporting Family Businesses Through Pro-Growth Tax Reform

Supporting Family Businesses Through Pro-Growth Tax Reform

The Family Business Coalition (FBC) has issued a letter to Speaker Mike Johnson and other House Republican leaders urging them to make the Tax Cuts and Jobs Act (TCJA) permanent and resist any efforts to raise taxes on U.S. businesses. In the letter, FBC Chairman Palmer Schoening highlights the economic benefits that family-owned businesses experienced under TCJA, including investment, job creation, and community support. These businesses, which form the backbone of the American economy, operate on narrow margins and rely heavily on predictable and fair tax policies to thrive. The FBC also warns…continue reading →

Over 150 organizations join FBC letter supporting House bill

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 →

FBC breaks down PPP data on Small Businesses, Lenders Helping Small Businesses

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 →

Ways and Means Committee Will Markup Proposed Extenders Package

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 →

FBC Supports H.R. 6329, The Family Business Legacy Act

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 →

Senate Passes Tax Cuts and Jobs Act, Doesn’t Kill The Death Tax

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 →

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 →

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 →
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