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Don’t forget about the Estate Tax

Another important issue to the agriculture industry still awaiting resolve in Washington, DC is the Estate Tax.  Marlin Stutzman, Congressman for Indiana’s 3^rd District and House Ag Committee member says like the Farm Bill – it will most likely be handled after the election.  “There’s just been this wide gap in differences in Washington over the past year,” he says.  “The election will really determine how the inheritance tax issue will be dealt with and also how the tax rates will be handled.”

AUDIO: Marlin Stutzman, Estate Taxes (3:03mp3)

On August 1, the House passed the Job Protection and Recession Prevention Act which includes a one year extension of the 2012 estate tax rules.  However, the estate tax measure has yet to be addressed in the Senate. 

If it is not addressed during the Lame Duck session – estate tax laws would revert back to the $1,000,000 exemption and 55 percent tax rate on January 1, 2013.