Summary of 2017 Estate Tax Repeal Legislation to Date
by Jeramie J. Fortenberry, JD, LLM (Taxation) | Legal Education Faculty (Trusts and Estates)
With a Republican President and a Republican majority in the House and the Senate, many speculate that 2017 will be a year of tax reform. Both President Trump and the House Republicans have included estate tax repeal in their lists of priorities. Although we have not yet seen comprehensive tax legislation in 2017, there have already been several bills introduced in Congress that would repeal the estate tax.
This paper discusses the estate tax repeal legislation that has already been proposed in 2017 and the potential impact on stepped-up basis and incomplete non-grantor trusts.