TIA applauds real estate tax act passage
The Tire Industry Association (TIA) is praising the passage of the Permanent Estate Tax Relief for Families, Farmers and Small Businesses Act of 2009, or H.R. 4154, which passed last Thursday.
TIA officials are calling it "a step in the right direction."
H.R. 4154 freezes the estate tax rate at the 2009 top rate level of 45% and provides an exemption on the first $3.5 million of an estate.
TIA is part of the Family Business Estate Tax Coalition and the Permanent Estate Tax Freeze Now Coalition, both of which are working for a permanent top real estate tax rate of 35%, plus an exemption of $5 million with indexing.
"We have won an important battle over excessive and punitive estate taxation, but the war is far from over,” says Roy Littlefield, TIA's executive vice president. “We need all members to follow our lead and remain vigilant on this issue, as there are far too many tire dealers who wish to leave their legacy to their heirs but are afraid of an exorbitant and outright penalizing estate tax.”
H.R. 4154 now moves on to the U.S. Senate, where TIA says "there is cause for some optimism."