Saying it bodes well for tire dealers and other automotive business owners wishing to pass on their company’s assets when they themselves pass on, the Tire Industry Association (TIA) is applauding passage of House Resolution 4154, which freezes estate taxes at the 2009 top rate level of 45 percent and provides an exemption on the first $3.5 million of accumulated wealth.
The Permanent Estate Tax Relief for Families, Farmers and Small Businesses Act of 2009 now moves on to the U.S. Senate, “where there is cause for some optimism” that lawmakers will approve the measure and send it to the President for enactment.
Calling the lower chamber’s vote in favor of HR 4154 “a step in the right direction,” TIA Executive Vice President Roy Littlefield urges industry business owners to speak up and make their voices heard.
“We have won an important battle over excessive and punitive estate taxation, but the war is far from over,” Littlefield reports. “We need all TIA members to follow our lead and remain vigilant on this issue, as there are far too many tire dealers who wish to leave their legacy to their heirs but are afraid of an exorbitant and outright penalizing estate tax.”
The TIA has been aggressively pursuing estate tax relief as part of both the Family Business Estate Tax Coalition and the Permanent Estate Tax Freeze Now Coalition. The coalitions are working for a permanent top estate tax rate of 35 percent and an exemption of $5 million with indexing.
(Also, Littlefield reminds members to be sure that their correct email addresses are on file at TIA headquarters to obtain future updates from the organization.)
For more information, visit www.tireindustry.org.
