Small Business and Family Farm Estate Tax Relief Act of 2009

Summary

Small Business and Family Farm Estate Tax Relief Act of 2009 - Repeals provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) eliminating the tax on estates and generation-skipping transfers and the step-up in basis provisions for property acquired from a decedent for estates of decedents dying after 2009. Declares that the sunset provision (general terminating date of December 10, 2010) of EGTRRA shall not apply to title V of such Act (Estate, Gift, and Generation-Skipping Transfer Tax Provisions). Amends the Internal Revenue Code to: (1) provide for an increase the estate tax exclusion to $5 million (eliminating the phase-in period); and (2) impose a maximum estate tax rate of 45%.

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Timeline

1. 15 October 2009

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 15 October 2009

   Introduced

   Introduced in House

   Source: IntroReferral

3. 15 October 2009

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 15 October 2009 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 15 October 2009

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 15 October 2009

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 15 October 2009

  Open at official source

Sponsors

• Kurt Schrader · D · Sponsor
• · hswm00 · Standing

Related records

• related to → Certain Estate Tax Relief Act of 2009
• related to ← To amend the Internal Revenue Code of 1986 to repeal the new carryover basis rules in order to prevent tax increases and the imposition of compliance burdens on many more estates than would benefit from repeal, to retain the estate tax with a $3,500,000 exemption, to reinstitute and update the Pay-As-You-Go requirement of budget neutrality on new tax and mandatory spending legislation, enforced by the threat of annual, automatic sequestration, and for other purposes.