Estate Tax Update
FLA members recently helped pass the Kyl/Lincoln amendment in the pre-conference Senate version of the 2010 Budget Resolution, by lobbying during the March FLA fly-in and by calling their U.S. Senators in early April. The Kyl/Lincoln amendment planned to reduce the Estate Tax rate to 35% and raised the exemption to $5million ($10 million per couple). Since the U.S. House passed a different budget resolution without any Estate Tax reform, the House and Senate met in a conference committee with several members from both chambers. Unfortunately, their compromise did not include the Kyl/Lincoln Estate Tax reform amendment. Today, the House voted and passed the new Budget Resolution reached through conference committee (without Kyl/Lincoln) and the Senate is expected to vote tonight.
For those who wish to help reform the death tax as a move toward final repeal, please call the capital switchboard at (202) 224-3121 to leave a message for your Senators asking them to substitute the 2010 Budget Resolution conference language for the Lincoln/Kyl amendment (35% and $5 million exception) passed in the pre-conference Senate Budget Resolution.
Budget Resolution - Legislation in the form of a concurrent resolution setting forth the congressional budget. The budget resolution establishes various budget totals, divides spending totals into functional categories (e.g., transportation), and may include reconciliation instructions to designated House or Senate committees.
Conference Committee - A temporary, ad hoc panel composed of House and Senate conferees which is formed for the purpose of reconciling differences in legislation that has passed both chambers. Conference committees are usually convened to resolve bicameral differences on major and controversial legislation.