NCGA-Supported Death Tax Repeal Made Permanent
(6-19-03)
The repeal of the federal
estate tax, long supported by the National Corn Growers Association
(NCGA) was made permanent Wednesday when the House passed H.R. 8,
the Death Tax Repeal Permanency Act of 2003, in a bipartisan vote
of 264-163.
“The National Corn
Growers Association (NCGA) has long advocated removing the burden
inflicted upon U.S. farmers by the death tax,” said NCGA Director
of Public Policy Betsy Croker. “The tax has forced surviving
family members to sell land, equipment and buildings in order to meet
rates as high as 50 percent.”
In 2001, The Economic
Growth and Tax Relief Reconciliation Act provided over $1 trillion
in tax relief to Americans, including relief from the death tax. Due
to a Senate rule, the provisions would have expired at the end of
2010. Wednesday’s vote guarantees U.S. farmers and other Americans
will not be subject to a tax hike on Jan.1, 2011.