Heard on the news this morning that our legislature is back at it trying to hammer out details of the "infrastructure bill.' And, when I opened my email, I found a message from the farm tax guru whose voice I "listen" to with some new scuttlebutt - basically new proposals seem to minimize possible damage from the 'transfer tax.' Reminder, under the transfer tax as initially proposed, assets owned at a taxpayer's date of death would be deemed as sold and reportable as capital gains on the taxpayer's final tax return with a minimal exemption amount. The new proposal appears to allow a $5 million per person exemption plus a $25 million extra exemption for family farms. While the issue is far from settled and I would not consider anything I've said/written as "binding" this is at least slightly encouraging compared to what the initial word on the street looked like. I'm trying to strike the balance between "the sky is falling" and "nothing to see here" - while again realizing nothing has yet been passed or signed into law. Will keep you posted as I hear/learn more and by all means, feel free to forward any pertinent information you see to me as well.
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