Source: American Farm Bureau Federation
The American Farm Bureau Federation backs an amendment to the small business lending bill that would permanently reform the federal estate tax and has asked Senate Majority Leader Harry Reid (D-Nev.), to allow the Senate to consider the proposal.
"This will give farmers and ranchers a better opportunity to continue food, fiber and fuel production and transfer family-owned operations from one generation to the next," said AFBF President Bob Stallman.
In a letter sent last week to Reid and copied to other members of the Senate, Stallman said Farm Bureau supports an amendment to the Small Business Jobs and Credit Act of 2010 (H.R. 5297), proposed by Sens. Blanche Lincoln (D-Ark.) and Jon Kyl (R-Ariz.), to permanently set the estate tax rate at 35 percent, with a $5 million exemption phased in over 10 years and indexed for inflation.