The House Passes Bill To Retain 2009 Estate Tax Levels Permanently

On December 3, 2009, The Chronicle of Philanthropy reported that the U.S. House of Representatives passed a bill to retain 2009 estate tax levels permanently.

The House of Representatives has passed a bill that would permanently keep the estate tax at levels that are in effect this year.

The approach is one that many charities have been seeking because they say it will help them appeal to donors.

The Senate has not yet voted on estate-tax legislation.

Under the current estate-tax law, heirs in 2009 can exempt $3.5-million from taxes ($7-million for couples), with amounts above that taxed at 45 percent.

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AMT