WASHINGTON (April 21, 2015) — Industry trade groups are hailing the U.S. House of Representatives' passage of H.R. 1105 — the Death Tax Repeal Act of 2015.
The House's 240-179 vote on April 16 to approve the bill garnered praise from groups such as the Tire Industry Association (TIA) and the American International Automobile Dealers Association (AIADA).
If it becomes law, H.R. 1105 would end the estate tax — or so-called “death tax” — which places a 40-percent tax on estates worth more than $5.43 million. It also would repeal the generation-skipping transfer (GST) tax.
“Republicans managed their floor time well and hit all of the key points about fairness, jobs, the economy and the effect of the death tax on family businesses,” TIA said in its April 20 Legislative Update regarding the House floor debate on the bill.
Kevin Brady, R-Texas, is the bill's main sponsor. A senior member of the House Ways and Means Committe, Mr. Grady said: "The death tax is the wrong tax at the wrong time and hurts the wrong people. It's the number one reason why family-owned businesses aren't passed down to the next generation.... Instead of hiring more workers and investing in their business, the death tax diverts their precious dollars and time to estate planning."