Representatives Kristi Noem (R-S.D.) and Sanford Bishop (D-Ga.) have introduced the bipartisan Death Tax Repeal Act of 2017 (H.R. 631) to permanently repeal the estate tax. Senator John Thune introduced companion legislation, S. 205, in the U.S. Senate.
Estate taxes are a pressing problem for family-owned farms and ranches. Approximately 90 percent of farm and ranch assets are illiquid assets, such as land, buildings and equipment, which leaves few options when it comes to generating cash to pay an estate tax. A repeal of the death tax will allow the family business to continue without having to sell land, livestock or equipment to pay the taxes.
Farm Bureau believes that the estate taxes should be permanently eliminated.