Fortenberry Supports the Estate Tax Compromise
Legislation Will Help Bring Permanent Tax Relief

Washington D.C. - Congressman Jeff Fortenberry today voted for the passage of the Permanent Estate Tax Relief Act of 2006 (H.R. 5638), which is a House and Senate compromise on the estate tax. The measure passed the House by a vote of 269 to 156. Fortenberry issued the following statement:

This legislation is a reasoned compromise. It protects farming communities and family owned businesses from unfair and excessive taxation, allowing Nebraskans to pass their hard earned money to their families and communities. Tax policies should not penalize individuals and families for hard work and preparing for the future.

The Permanent Estate Tax Relief Act:Unifies the estate tax, gift tax, and generation-skipping transfer tax so that gifts made during life are not given less-favorable tax treatment than gifts made at death (in a will). Increases the estate tax exemption to $5 million per person beginning in 2010. That is, taxable estates valued at $5 million or less would owe no estate tax. Makes the estate tax rate equal to the capital gains tax rate, for estates less than $25 million. Allows any unused exemption of a deceased person to carry over to a surviving spouse (and be added on to the surviving spouses exemption).

Last year, Fortenberry supported legislation to help protect millions of middle-class Americans from facing Alternative Minimum Tax increases.

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