Monday, July 10, 2006

Is PETRA dead? part two

Tax Analysts ($) is reporting that the latest version estate tax reduction might get a Senate vote soon.
Although the Senate has repeatedly delayed consideration of legislation to repeal or reform the estate tax, a House-passed bill designed to win Democratic support for estate tax reform could be one of the first items on the Senate schedule this month. Senate Majority Leader William H. Frist, R-Tenn., has not announced when his chamber will take up the legislation, but he vowed the week of June 26 that the Senate would eventually vote on "a permanent reduction" to the estate tax.

However, the special deduction for timber, added to pull some Democratic Senators on board, has apparently failed to do the trick.

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