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Small Business Group Pushes for Death Tax Relief WASHINGTON, D.C., Oct. 10, 2000 (SmartPros) Urging government leaders to start delivering on their promises of tax relief for small businesses, a coalition of 80 trade and professional organizations dedicated to the interests of small business has come forward in support of legislation to provide death tax relief for owners. The Small Business Legislative Council is pushing for Congress and the president to adopt "The Death Tax Relief Now Act," introduced by Congressman John Tanner (D-Tenn.). The bill would provide immediate death tax relief for small business owners by doubling, without qualifications, the unified credit against the estate tax from the current $675,000 to $1.3 million per person. "In lieu of doing nothing for another year, Congress and the President now have an opportunity to do the right thing for small business owners being affected by the onerous death tax," said John Satagaj, president of the Small Business Legislative Council. "We believe Congressman Tanner's proposal is a positive step in the right direction for family owned small businesses." While supporting the measure to double the credit, SBLC urged Congress to go a step further. "The immediate increase in the unified credit will help thousands of small business owners with their estate planning," Satagaj continued, "However, we would urge Congress to consider increasing the individual credit beyond $2 million." The group said it supports an unqualified increase to $5 million for the individual unified credit, which would "provide truly meaningful death tax relief for most family owned small businesses." -- SmartPros News Staff Send comments to information@smartpros.com |
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