"We urge Congress to take up H.R. 8 quickly. With the vast majority of foodservice distribution firms being family-owned, permanent estate tax repeal is one of IFDA's top legislative priorities," said IFDA President Mark S. Allen. "Uncertainty over whether this tax will be permanently repealed continues to divert precious capital resources that could be better invested in facilities, equipment, and people. Family-owned businesses must continue to invest in lawyers and estate plans to protect themselves from losing their business in the event of an owner's death."
The House of Representatives has passed previous versions of H.R. 8 in recent years, but progress has been stalled in the Senate where sixty votes are needed for passage.
"This year, with a much stronger pro-business majority in the Senate, we believe that H.R. 8 has a strong chance of becoming law, and we are very pleased that Congressmen Hulshof and Cramer have introduced it," said David French, IFDA senior vice president for government relations. "It is an issue of fairness, certainly. A significant majority of voters share our view that the death tax is a tax on the virtues of thrift and hard work that have made our country strong. But it is also of critical importance to family-owned businesses and their employees, and the sooner we can put this tax behind us the sooner we can get on with the business of creating jobs in our communities.
"The time has come drive the final nail in the death tax coffin," said French.