Even though S.205: the Death Tax Repeal Act of 2017 was introduced in the U.S. Senate before Alabama’s newest U.S. Sen. Luther Strange had even been sworn in, the Yellowhammer State’s junior senator made it a priority to become a co-sponsor.
Strange joined 33 of his new Senate colleagues when he signed on to the bill, which would permanently repeal the federal estate tax, more commonly known as the death tax, on Wednesday.
“When Alabama’s growers and producers are successful, our entire state’s economy can thrive,” said Strange. “For too long, farms across the state have dealt with the undue burden of the death tax, often struggling to keep their land in the family. By repealing the tax, we will unleash the full potential of multigenerational family businesses. I am proud to join over thirty of my Senate colleagues as we work to push this commonsense bill across the finish line.”
Introduced by South Dakota-Republican Senator John Thune, the bill would also repeal the generation-skipping transfer tax. Both provisions of the bill would provide relief to farming families across Alabama, who currently endure disproportionate taxation on the value of the inherited land when it passes from one generation to the next