Estate Taxes and Family Businesses: Economic Issues (CRS Report for Congress)
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| Release Date |
Revised Jan. 6, 2010 |
| Report Number |
RL33070 |
| Report Type |
Report |
| Authors |
Jane Gravelle, Senior Specialist in Economic Policy; Steven Maguire, Specialist in Public Affairs |
| Source Agency |
Congressional Research Service |
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Summary:
This report discusses the general issue of family-owned businesses, and then discusses theconsequences of several options including making no revisions (and hence returning to pre-2001law in 2011); making the repeal of the estate tax permanent; and, modifying exemptions whileretaining an estate tax. This latter discussion considers expanding or altering the existing generalor business exemptions, providing an exemption for all business assets (no dollar ceiling or otherrestrictions), or modifying the QFOBI-type exemption to eliminate a cliff effect that currentlyexists because only estates with half of the assets in a business were eligible for the specialdeduction.
