Repeal of Estate Tax?
On January 24, 2017, Congresswoman Kristi Noem introduced H.R. 631 in the House. The purpose of the legislation is to repeal the federal estate tax. It does not, however, seek to repeal the existing gift tax on gifts to an individual that exceed a pre-set exclusion limit (currently, $14,000), though it would reduce the gift tax to 35% instead of the current rate of 40%.
Before you get too excited about the possibility of a federal estate tax repeal, just know that there are many hoops and hurdles that must be conquered before such a piece of legislation ever makes it to the President's desk to be signed into law.
But, be sure that we will be monitoring closely all developments on this topic.