Statement by Missouri Farm Bureau President Charles E. Kruse regarding Federal Estate Tax

“We in Missouri Farm Bureau are appreciative that the U.S. House of Representatives has once again shown needed leadership by approving legislation to make major reforms in the federal estate tax. While we would prefer complete and permanent repeal of the estate tax, we support the efforts of the House to move this issue forward.

“The House legislation creates a permanent five million dollar per person exemption beginning in 2010, indexes the exemption for inflation and leaves in place the full step-up in basis. It also allows married couples to pass along any unused exemptions to a surviving spouse and creates a tier system that taxes estates worth up to $25 million at the capital gains tax rate.

“Congressman Kenny Hulshof should be congratulated for his persistence in fighting for repeal of this unfair tax and working to include provisions that significantly impact family farmers and ranchers. We also thank Representatives Blunt, Akin, Clay, Emerson, Graves and Skelton for voting in favor of this bill.

“We now turn to the Senate and urge that they pass this legislation as soon as possible”