MRAA petitions for estate-tax reliefPosted on
The Marine Retailers Association of America joined with 43 other national small business trade associations in asking the Senate to pass permanent estate tax legislation that improves upon the House-passed bill.
MRAA has long supported total repeal of the estate tax, a tax originally passed in the late 1800s to pay for the Spanish-American War, the association said in a statement.
With total repeal highly unlikely in the near future, MRAA is urging Congress to provide more permanent and certain relief for family-owned businesses and farms by increasing the per-person exemption to $5 million, which would be indexed for inflation, and reducing the top estate tax rate to 35 percent.
“We believe this relief is critical for boat dealerships and marina operators at a time when we are struggling to create jobs,” MRAA chairman Ed Lofgren said in a statement. “Our members need permanent relief to help plan for the future when their businesses are passed to children.”