ICBA and other business groups urged Congress to reject proposed changes to grantor trust and valuation rules in the Build Back Better reconciliation bill.
Grantor Trusts: In a joint letter to the House Ways and Means Committee, the groups said changes to taxing grantor trusts would eliminate their usefulness for business purposes and punish taxpayers who have relied on existing laws to establish estate plans.
Passive Assets: The groups also said changes to the valuation of interests in entities holding passive assets (including real estate) are unnecessarily overbroad, which would harm family farms and ranches.