Last week on December 3rd, the House of Representatives voted 225-200 in favor of H.R. 4154.
H.R. 4154 will make the 2009 Estate Tax Level permanent. For calendar year 2009, the estate tax exemption amount is $3.5 million ($7 million total for a married couple) and the maximum tax rate on estates is 45%. H.R. 4154, the Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Act of 2009, would permanently extend this estate tax exemption amount and tax rate.
Not mentioned in this change, the estate tax is scheduled to enter one year of full repeal in 2010 followed by a return of the estate tax in 2011 with much lower exemption amount ($1 million) and a much higher maximum tax rate (55%). To see the full bill, click here: Read H.R. 4154.
There is only a couple more short weeks in December. Will you make your 2009 goals? Let me know what I can be doing to help close out 2009 as your best year yet!
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