Agricultural News
Estate Tax Proposal Part of Baucus Tax Proposal That May Be Voted on Saturday
Sat, 04 Dec 2010 7:11:12 CST
The U.S. Senate is expected to be in session Saturday, to vote on a measure submitted by Senator Max Baucus. The Montana Democrat introduced legislation to permanently cut taxes for middle class families making up to 250-thousand dollars and individuals making up to 200-thousand per year. The legislation would also extend critical tax cuts for individuals, families and employers and provide families with greater tax certainty by instituting a permanent estate tax policy at the 2009 rate. The bill also extends tax credits for ethanol and biodiesel for one year.
The bill would also make permanent the 2009 estate tax rate of 45 percent, with an exemption for estates under 3.5-million dollars, indexed for inflation. The bill also would extend through 2011 the per-gallon tax credits and outlay payments for ethanol. The blender's credit would be extended at a rate of 36 cents per gallon, while the small producer's credit would be extended at a rate of 8 cents per gallon. The bill also extends through 2011 the existing tariff on imported ethanol and the related tariff on ethyl tertiary-butyl ether.
For biodiesel and renewable diesel, the bill extends through 2011 the one-dollar per gallon production tax credit for biodiesel, and the small agric-biodiesel producer credit of 10 cents per gallon. The bill also extends through 2011 the one-dollar per gallon production tax credit for diesel fuel created from biomass.
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