Senate Should Pass 2010 Tax Relief Act Today!
The Senate is expected to pass their 2010 Tax Relief Act today and then pass it onto the House for their review.
The only expected snag in the House is related to the Estate Tax portions of the bill. Some of the more liberal House Democrats do not want to raise the lifetime exemption to $5 million or have a top rate of 35%. If they succeed in lowering the exemption or raising the rate, the bill will have to be reconciled between the two chambers and a final bill may not get done before the new year due to the Christmas break.
However, I am assuming the President Obama has behind the scenes gotten enough of a promise that this bill will pass and he is simply letting these Democrats voice their displeasure for their constituents.
We will keep you posted as it progresses.
Paul Neiffer is a certified public accountant and business advisor specializing in income taxation, accounting services, and succession planning for farmers and agribusiness processors. Paul is a principal with CliftonLarsonAllen in Walla Walla, Washington, as well as a regular speaker at national conferences and contributor at agweb.com. Raised on a farm in central Washington, he has been immersed in the ag industry his entire life, including the last 30 years professionally. Paul and his wife purchase an 180 acre ranch in 2016 and enjoy keeping it full of animals.
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