Yesterday, the House of Representatives voted 225-200 in favor of H.R. 4154. The bill will make the 2009 Estate Tax Level Permanent.
Currently (for 2009) the estate tax exemption is $3.5 million and the maximum tax rate on estates is 45%. The Bill referred to as the Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Act of 2009, would permanently extend this estate tax exemption amount and tax rate.
The Bill still needs the Senate and President’s approval.