Colorado Farm Bureau is pleased that The House of Representatives voted 277-148 late Thursday night to approve the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 bill that extends the 2001 and 2003 tax cuts for two years.
This legislation sets the estate tax at 35 percent with a $5 million exemption through 2012. The legislation, which passed the Senate by a vote of 81-19 on Wednesday, now goes to President Barack Obama for his signature.
“The estate tax is the number one farm killer there is. Some members of Congress originally argued that the estate tax exemption was too high,” said Don Shawcroft, President of Colorado Farm Bureau. “On Thursday Colorado Farm Bureau sent a letter to members of the Colorado delegation which illustrated that with current land values and the value of water rights a very small farm can quickly exceed the $3.5 million exemption that these members wanted.”
“This reform will do a long way in helping to keep farms in the family. I would like to commend Congress and President Obama for working together to pass meaningful tax reforms that will benefit Colorado Farm Bureau members.”