The bill, which was approved on April 26 by Congress, is expected to be signed by the President next week.
H.R. 1836 includes a scheduled phaseout of the estate tax, with complete repeal in 2011.
The repeal of the tax has been an important issue and a goal for several industry associations. The Air Conditioning Contractors of America (ACCA) has been fighting to end the death tax for the better part of the last decade.
“First and foremost, the death tax is the single greatest threat to a family-owned business,” said Larry Taylor, ACCA president. “For an hvacr contractor or other small business owner to work hard all his life, pay business and income taxes, contribute to his community, and then to have the government swoop in upon his death to tax whatever remains is simply wrong.”
Publication date: 06/04/2001