Joining a coalition of business organizations and groups, CIRT will be supporting efforts introduced in the 117th Congress to permanently repeal the federal estate tax. Currently, temporary estate tax relief was included in the Tax Cuts and Jobs Act (TCJA) which doubled exemptions to about $12.9 million for 2023 and indexed future increases for inflation. However, these changes are set to expire at the end of 2025, leaving businesses, families, and most taxpayers uncertain when it comes to planning for this eventual event. To address this, the FBETC coalition has urged passage of a bill to finally eliminate this generational federal tax.
For more information see, FBETC Letter.