Mar 24, 2010

Retroactive Estate Tax Now Being Discussed

The House Ways and Means Committee looks like it's getting ready to tackle the federal estate tax issue. Acting chairman Sanford Levin has indicated that any proposed legislation will likely reinstate the 2009 law, which imposed tax on any estate over $3.5 million, with a 45% cap. It also appears that, as we predicted, the tax may be made retroactive to Jan. 1, 2010. Is the government going to tax the taxable estates of individuals who died between the current lapse date of the tax, Jan. 1, 2010, and whenever the new law goes into effect? We'll have wait to see how it all shakes out.

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