The House voted 277-148 late Thursday night to approve the $859 billion bill that extends the 2001 and 2003 tax cuts for two years and sets the estate tax at 35 percent with a $5 million exemption through 2012. The legislation, which passed the Senate by a vote of 81-19 on Wednesday, now goes to President Barack Obama for his signature.
“The American Farm Bureau Federation is pleased the House voted in favor of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010,” said AFBF President Bob Stallman.
“Securing meaningful estate tax reform for farm and ranch families has been a top priority for Farm Bureau. We are pleased the House left intact the estate tax provision that provides a $5 million exemption and maximum rate of 35 percent. Other tax provisions included in the legislation, which are important for farmers and ranchers, include lower capital gains and income taxes and tax incentives for renewable fuels,” Stallman said.
“We commend President Obama and congressional leaders for being committed to securing passage of this tax bill. It offers considerable relief that will help farmers, ranchers and rural communities in these difficult economic times.”