The House and Senate were unable to reach a compromise regarding the Estate Tax prior to its expiration December 31, 2009. Work will most likely begin in early 2010 to restore the estate tax, retroactive to January 1, 2010.
The House passed the Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Act of 2009, H.R. 4154, which permanently extends the estate tax at current 2009 levels. Senate Republicans would like a more generous measure that would include a $5 million exemption with a 35% rate.