Menu

The U.S. House of Representatives voted 269-156 on June 22 for a bill that exempts estate assets of $5 million per person and $10 million for married couples against death taxes. The bill would also tax estates of up to $25 million at the capital gains rate of 15 percent, and those above that amount at twice the capital gains rate.

Farm Bureau has not stated support yet for the House passed bill or a Senate version. American Farm Bureau Tax Specialist Pat Wolff said the bill does not permanently repeal the death tax. But, Wolff said the current exemption is $2 million and a jump to $5 million per person is a big increase.

"It will remove the burden of death taxes for a lot of farmers and ranchers," Wolff said.

Adam Sharp, Ohio Farm Bureau's director of national affairs, said outlook for the bill in the Senate is questionable at best. "Senate leadership is not expected to bring the bill to the floor unless they are sure of at least 60 votes," he said.