Thursday, May 30, 2024

Kennedy, Thune, colleagues introduce bill to repeal the death tax, promote passage of family businesses to next generation

by BIZ Magazine

WASHINGTON – Sen. John Kennedy (R-La.), Sen. John Thune (R-S.D.) and dozens of other Republican senators introduced the Death Tax Repeal Act of 2023 to permanently repeal the federal estate tax, commonly known as the “death tax.” The Death Tax Repeal Act would amend the Internal Revenue Code of 1986 to finally end a punitive tax that has the potential to cripple family-run farms, ra

nches and businesses with its tax burden upon the owner’s death.

“The death tax is lethal to many of America’s family-run businesses and farms. Louisianians—especially those in rural communities—shouldn’t lose a legacy of family work to a punishing, illogical tax burden. By ending the death tax, we can make it easier for families to pass their farms and businesses on to the next generation,” said Kennedy.

“Agriculture is the backbone of South Dakota’s economy. For years I have fought to protect farm and ranch families from the onerous and unfair death tax. Family-owned farms and ranches often bear the brunt of this tax, which makes it difficult and costly to pass these businesses down to future generations. I will continue to do everything in my power to remove these roadblocks for family businesses and repeal the death tax once and for all,” said Thune.

This legislation is supported by the American Farm Bureau Federation, National Cattleman’s Beef Association, National Federation of Independent Business, National Association of Manufacturers, Family Business Coalition, Family Business Estate Tax Coalition, Policy and Taxation Group, Associated General Contractors of America and National Taxpayers Union, among others.

Kennedy and Thune previously introduced the Death Tax Repeal Act of 2021 last Congress.

Full bill text is available here.

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