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SENATE REPUBLICANS LINK EXTENDERS, ESTATE TAX REFORM
July 26, 2006
The Senate Republican leadership yesterday pulled the "expiring provisions" from pending pension reform legislation. They will attach these popular provisions, some of which have been extended more or less annually for 20 years or so, to legislation reducing the estate tax rate and increasing the exemption in hopes of getting 60 votes. This probably delays any legislation until September at the earliest.
The estate tax legislation would reduce the top estate tax rate to 30%, with an exemption for the first $5 million of assets.
The expiring provisions include the research credit, the above the line deduction for teacher expenses, and the deduction for sales taxes.
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