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ICBA and other groups thanked Sen. John Thune (R-S.D.) and Reps. Jason Smith (R-Mo.) and Sanford Bishop (D-Ga.) for introducing legislation to permanently repeal the estate tax, which taxes the value of an estate at the time of death.
Background: ICBA strongly supported temporary estate tax relief in the Tax Cuts and Jobs Act, which doubled the exemption to $11.7 million for tax year 2021 and indexed future increases for inflation through 2025.
Impact: These changes provide significant relief to family-owned businesses, though the temporary increase in the exemption amount will expire at the end of 2025 without further congressional action.
ICBA Position: While ICBA and the rest of the Family Business Estate Tax Coalition support making the estate tax relief permanent, they believe a repeal is the best solution to protect family-owned businesses.