Estate Tax Reform/Tax Extenders
The House passed H.R. 5970 to permanently reform estate tax, to extend a number of popular tax provisions through 2007, and to increase the minimum wage over a three year period. However, a Senate vote to invoke cloture to stop debate and proceed to a vote on final passage failed. It is anticipated the House and Senate will address some of the tax extenders before the end of the session. It is doubtful that estate tax or minimum wage will be voted on again in the Senate this session. The House bill was designed to increase estate and gift tax exemptions but needed Senate approval.
An overview and full text of H.R. 5970 can be viewed at: