WASHINGTON (April 6, 2015) — Senate Commerce Committee Chairman John Thune, R-S.D., has introduced an estate tax repeal bill in the Senate that's a companion to a bill passed recently by the House Ways and Means Committee,
Sen. Thune and 27 co-sponsors introduced S. 860, the Death Tax Repeal Act of 2015, on March 25, the same day the House bill passed in Ways and Means by a 22-10 vote.
The Family Business Estate Tax Coalition (FBETC), a group of 48 small business associations united to fight for estate tax repeal, wrote a letter to Sen. Thune thanking him for sponsoring S. 860.
“The FBETC supports the provisions in the American Taxpayer Relief Act of 2012, including a $5 million estate tax exemption indexed for inflation, permanent lower tax rates and provisions for spousal transfer and stepped-up basis,” the coalition wrote.
“While these changes represent significant reform to the estate tax rules, the FBETC continues to believe that repeal is the best solution to protect all family-owned businesses and farms.”
Among the members of the FBETC are the Tire Industry Association (TIA), the American Trucking Associations, the National Automobile Dealers Association, the American International Automobile Dealers Association and the Service Station and Automotive Repair Association.
Meanwhile, the House estate tax repeal bill is expected to reach the Senate floor the week of April 13. TIA said it would lobby House offices over the next two weeks to raise support for the bill, and asked its members to join the TIA staff in this effort.