Help the Senate Pass Tax Reform! Tell Your Story to Your Senators Today.
House Kills the Death Tax; Your Voice is Needed in the Senate
Last week, the House passed the Tax Cuts and Jobs Act, H.R. 1, which provides a path to permanent repeal of the death tax.
The legislation doubles the current unified exemption in 2018 and enacts policies of the FLA supported Death Tax Repeal Act of 2017 which permanently repeals the death tax and provides us with a strong upper bound position in negotiations with the Senate.
However, the Senate version of the tax reform proposal calls for sunsetting the increased exemption level of the death tax and the repeal of the alternative minimum tax, after December 31, 2025.
Your voice needs to be heard! There’s a large gulf between the House and Senate tax reform policies.
Contact your Senators’ today Tell them what the expiration of these provisions will mean for your forestry related business. Lawmakers benefit from hearing real-world examples of the effects of their policies, so be sure to provide details about your specific situation and any effect the expiration would have on your ability to keep your forestlands intact, create jobs in the state and pass the land to future generations.
While we realize some aspects of the legislation require further debate, several provisions included in the legislation will provide overwhelming economic benefits for forest landowners. Chairman Hatch’s modification preserves the current timber capital gains treatment and simplifies the 17.4 percent tax deduction for pass-through businesses, such as partnerships, S corporations and sole proprietorships, present in the initial version of the bill. These provisions will enable landowners to continue contributing to the economic growth of our nation’s rural areas and remain effective stewards for its forests for generations to come.
But we need to let the Senate know full and permanent repeal of the Death Tax is necessary as well as full repeal of the alternative minimum tax. Click this link to send an email message directly to your Senators.