ABA, Trade Groups Back Continuation of Tax Protections for Family Businesses, Farms.
ENPNewswire-September 13, 2021--ABA, Trade Groups Back Continuation of Tax Protections for Family Businesses, Farms
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Release date- 10092021 - The American Bankers Association and a coalition of trade groups yesterday urged the House Ways and Means Committee not to change the stepped-up basis tax rule that prevents family-owned businesses and farms from damaging tax bills when a family member passes away.
Earlier this year, the Biden administration, through the American Families Plan, proposed replacing stepped-up basis with other unspecified protections.
'It remains unclear how and if these protections would shield future generations from substantial tax increases-but we know that current law already provides effective protections for families seeking to pass a business...
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