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Update on Death Tax repeal2005-05-20 13:05:26mariwinn

The Death Tax Repeal Permanency Act of 2005 sponsored by U.S. Congressman Kenny Hulshof to permanently repeal the federal estate tax passed the U.S. House April 13, 2005, by a 272-162 margin with most Democrats voting against it. Legislation similar to Hulshof’s bill awaits action in the Senate. Sens. Jon Kyl (R-AZ) and Bill Nelson (D-FL) are sponsors of that bipartisan legislation which was placed on the Senate's calendar on April 20, 2005. No action has been taken on it. Legislation introduced by Senator Blanche L. Lincoln (AR) on April 27, 2005, was referred to a Senate committee. With no co-sponsors, it proposes to provide for the immediate and permanent repeal of the estate tax only on family-owned businesses and farms. Similar legislation sponsored by Rep. Mike Thompson (1-CA) on April 13, 2005, has 15 co-sponsors and also still remains in committee.