WASHINGTON, D.C. – April 17, 2015 – (RealEstateRama) — This week, Congressman Bob Latta (R-OH) voted in favor of legislation designed to improve upon current tax policy and ensure taxpayers’ hard-earned money is being used responsibly. One piece of legislation in particular is H.R. 1105, the Death Tax Repeal Act of 2015, which was passed by the House of Representatives today and is similar to legislation Congressman Latta introduced earlier this year: H.R. 725, the Permanently Repeal the Estate Tax Act of 2015:
“Farmers and small business owners across Ohio’s Fifth Congressional District are forced to endure heavy costs as a result of the estate tax, also known as the death tax. By passing the Death Tax Repeal Act, which is similar to my own legislation, Congress is taking an important step towards ensuring the growth and prosperity of our future generations.”
Congressman Latta’s legislation, the Permanently Repeal the Estate Tax of 2015, would repeal the federal estate tax, effective for estates of descendants dying after December 31, 2014. The bill passed today by Congress would also repeal this tax, as well as the generation-skipping transfer taxes for estates of descendants dying or for transfers made on or after the enactment date of the Act.