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On March 31, 2009, the Committee on Private Companies joined 45 other organization in signing a letter of support for the Lincoln/Kyl amendment to the 2009 Congressional Budget, which increases the Estate Tax exemption to $5 million and reduces the rate of taxation to 35% for the next 5 years. The amendment also provides for spousal transfer of the exemption and ties the exemption to inflation, and requires that any legislation enacted to be revenue neutral. The current estate tax law is scheduled to expire in 2010 for one year, and then the estate tax returns with a top rate of 55% and only a $1 million exemption. The 2009 estate tax provides a $3.5 million exemption and a 45% tax rate, and the Obama administration’s budget proposed to extend this rate for the next ten years.
Update: On April 2, the Lincoln/Kyl amendment was passed in the Senate by a vote of 51-48.
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