PETRA update

Senate Majority Leader Frist has no timetable for estate tax reform, according to this Tax Notes Today ($)item.

Frist said the legislative approach of the Senate, as well as any timeline for the legislation, will depend on whether supporters of estate tax reform are able to gain more Democratic support. Just four weeks remain before the Senate's August recess, and Frist said discussions will continue during that time.

Initially House Ways and Means Committee Chair Thomas said that the House-passed compromise bill was their "only offer," as he wanted to avoid the delay of a Conference Committee. Reportedly he's backed off of that position now, so if the Senate takes up the bill it may be opened up for amendments.