The Repeal of the Federal Estate Tax: Nothing's Certain
January 6, 2010
On June 7, 2001, President Bush signed into law "The Economic Growth and Tax Relief Reconciliation Act of 2001" ("the Tax Act of 2001 "), which made significant changes to the estate, gift, and generation skipping transfer (GST) taxes, increased the available exemptions, and then provided for the repeal of the estate and GST taxes in 2010.
A decade later and Congress has done nothing to change the estate tax and GST tax provisions of the Tax Act of 2001. Therefore, Section 501(a) of the Tax Act of 2001 repeals the estate and GST taxes with respect to estates of decedents dying after December 31, 2009, and to other generation-skipping transfers made after December 31.
But is the Estate Tax Gone Entirely? To read the entire article, click here.