Speaker Needed for May 31st here in DC-Information needed by 3pm ET, May 24th.
The House Subcommittee on Economic Growth, Tax and Capital Access is looking for testimony regarding estate tax effects on small business. The hearing will focus on how the estate tax affects small businesses and what legislative solutions exist that will create more certainty for them. From what I have gathered from the Majority staff, the hearing will focus on the uncertainty continued estate tax legislation has created for small businesses and how that affects their planning. This will likely lead into a discussion on the costs associated with preparing multiple plans, going back and changing plans and all the additional costs of hiring tax specialists to do this. Other topics will be the basis rules which changed in 2010, portability of the exemptions and how that has created additional paperwork/costs for businesses who would otherwise be exempt but for having to file the paperwork in order to have the surviving spouse take the unused exemption, valuation issues related to valuing a business/farm for planning purposes, and the liquidity of small business estates to pay any taxes owed.
In addition to the above impacts of the estate tax, we will look at the possible legislative solutions for dealing with the estate tax, i.e., full repeal, 2009 levels ($3.5M at 45%), current levels of $5M at 35% rate, somewhere in between, and the potential for some sort of small business exemption.
Please submit your information on whether you can speak to these issues to me ASAP. The staff will be selecting the speakers, and if you are selected, the AIA will pay for the cost of your travel.
If you have any questions, please feel free to contact me at
jessicasalmoiraghi@aia.org.
Thanks,
Jessica
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Jessica Salmoiraghi
Director, Federal Relations
The American Institute of Architects
Washington DC
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