House votes to repeal estate tax
The U.S. House of Representatives last week passed H.R. 1105, the Death Tax Repeal Act of 2015, by a vote of 240 to 179. The vote was mostly along party lines, with just seven Democrats supporting the bill with three Republicans opposed.
The Senate companion bill S. 860, has 30 cosponsors, all Republican. If the legislature clears the senate, the White House to no oneês surprise said the president will veto it all,
The estate tax particularly hurts dealerships, since assets — such as land and single-use showroom facilities — cannot be liquidated to pay the tax without destroying the viability of the dealership, said NADA.
As with scores of other small businesses, dealerships shouldnêt have to choose between closing, selling or incurring substantial debt just to survive the unanticipated loss of a key family member, NADA spokesman Jared Allen said in a statement to Automotive News.Download Bulletin PDF