Estate tax will not fade away; house votes for permanent repeal, but senate defeats it. (Industry News).(Brief Article)
Air Conditioning, Heating & Refrigeration News, June, 2002 by Mazurkiewicz, Greg
WASHINGTON, DC -- Permanent repeal of the estate tax advanced halfway to acceptance when the U.S. House of Representatives approved this proposed legislation. But then, in a surprise move, the Senate quickly brought a bill to the floor and quashed the total repeal movement.
As estate tax law now stands per last year's legislation, the tax is being gradually phased out and is set to disappear in 2010. But then, under a "sunset" provision, the legislation would expire and the tax would reappear in 2011, reverting back to its previous levels.
HOUSE ACCEPTS
The U.S. House of Representatives voted by a margin of 256 to 171 in favor of total repeal. In the Republican-held House, 214 Republicans voted in favor, along with 41 Democrats and one...
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