East Idaho Times

U.S. Senator Mike Crapo, who chairs the Senate Finance Committee, has aligned with Senate Majority Leader John Thune of South Dakota and 44 other senators to reintroduce a bill aimed at permanently repealing the federal estate tax, often referred to as the death tax. The proposed Death Tax Repeal Act seeks to eliminate what proponents describe as a punitive measure impacting family-owned farms, ranches, and businesses upon an owner's passing.

"Small businesses are the lifeblood of Idaho’s economy, and family farmers, ranchers and entrepreneurs have often worked lifetimes to grow their businesses," said Crapo. "The death tax can be a devastating blow to American families who want to pass down their farm or small business to the next generation. It’s time to permanently provide relief from this unfair tax."

Thune added his perspective on the issue: "Family farms and ranches play a vital role in our economy and are the lifeblood of rural communities in South Dakota. Losing even one of them to the death tax is one too many. It’s time to put an end to this punishing, burdensome tax once and for all so that family farms, ranches and small businesses can grow and thrive without costly estate planning or massive tax burdens that can threaten their viability."

The bill has garnered support from organizations like the Idaho Cattle Association and the Idaho Farm Bureau. Cameron Mulrony of the Idaho Cattle Association emphasized its importance: "The long-term success of our historic industry has been predicated on the ability to provide profitability and transfer over generations. The repeal of this tax is critical in the continual success of multi-generational operations and the legacy of our industry."

Bryan Searle from the Idaho Farm Bureau also expressed approval: "One of the best ways to support multi-generation family farms and ranches is to not penalize the new generation. Farm Bureau thanks Senators Thune and Crapo for leading on this important issue."

Several senators co-sponsor this legislation alongside prominent supporters such as U.S. Senators Jim Risch (R-Idaho), Ted Cruz (R-Texas), Lindsey Graham (R-South Carolina), Mitch McConnell (R-Kentucky), among others. In parallel efforts within Congress, Representative Randy Feenstra (R-Iowa) has introduced similar legislation in the House.

The Family Business Coalition backs this initiative along with more than 105 members from various associations including National Federation of Independent Business, National Restaurant Association, National Association of Home Builders, and U.S. Chamber of Commerce.