Thursday, December 16, 2010

Senate approves estate tax provisions for 2011 and 2012

On December 15th, the US Senate passed Senate Amendment 4753 to H.R. 4853, “The Middle Class Tax Relief Act of 2010.”  The vote was 81-19.

You can read the full text of the legislation here: http://thomas.loc.gov/cgi-bin/query/R?r111:FLD001:S58720. Title III of the bill deals with the temporary increase in the exemption amounts for federal estate, gift and generation skipping taxes. House approval is expected and the bill could be on the President's desk before Christmas.

Thanks to Brian Lindberg and Fay Gordon or NAELA for this upated information. See also, "Senate Overwhelmingly Approves Tax Cut Deal," Washington Post, December 16, 2010. 

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