House Passes Estate Tax Repeal

The House on April 13, 2005, by a vote of 272 to 162, approved the Permanent Estate Tax Repeal Bill of 2005 (HR 8). The legislation would permanently repeal the estate tax beginning in 2011, but also limit basis step-ups at death. The legislation's projected ten-year cost of $290 billion is not paid for and does not yet have budget protection. The future of the legislation in the Senate remained unclear. The Administration supports the legislation.