MSCI Supports Legislation To Repeal Estate Tax
With the Family Business Estate Tax Coalition (FBETC), last week the Metals Service Center Institute (MSCI) sent a letter to U.S. House and Senate co-sponsors of the Death Tax Repeal Act of 2025, offering the industrial metals community’s support for the bill. The legislation, which has not yet been reintroduced in the 119th Congress, would permanently repeal the federal death tax, which imposes a tax on the transfer of property, land, and other assets from a deceased family member to heirs of family farms and small businesses.
The letters noted the FBETC has supported increased estate tax exemption thresholds indexed for inflation, permanent lower tax rates, provisions for spousal transfer and stepped-up basis, and the temporary estate tax relief that was enacted as part of the Tax Cuts and Jobs Act (TCJA). (That legislation doubled the exemption to approximately $12.9 million for tax year 2023 and indexed future increases for inflation through 2025.) While “these changes represent significant relief to family-owned businesses from the estate tax,” that letter explained that “without further Congressional action the temporary increase in the exemption amount will expire at the end of 2025, increasing uncertainty and planning costs.”
The letter concluded, “While the FBETC supports making the estate tax provisions of TCJA permanent, the FBETC continues to believe that repeal is the best solution to protect all family-owned businesses from the estate tax.”
Read the letter to the U.S. House bill co-sponsors at this link. Read the letter to Senate sponsor, Majority Leader John Thune (R-S. Dakota), at this link.