MSCI Supports Legislation To Repeal Federal Estate Tax
As part of the Family Business Estate Tax Coalition (FBETC), MSCI recently sent a letter to Sen. John Thune (R-S.Dak.) and Rep. Sanford Bishop (D-Ga.), thanking them for introducing S. 617/H.R. 1712, the bipartisan Death Tax Repeal Act of 2021, which would permanently repeal the federal estate tax.
Historically, the FBETC has supported increased estate tax exemption thresholds indexed for inflation, permanent lower estate tax rates, and provisions for spousal transfer. It also supported the temporary estate tax relief in the 2017 Tax Cuts and Jobs Act (TCJA), which doubled the exemption to approximately $11.7 million for tax year 2021 and indexed future increases for inflation through 2025.
Those changes, which provided significant relief to family-owned businesses, will expire at the end of 2025. The letter said, “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 here.
Learn more about the coalition and the federal estate tax here.