The Department of the Treasury recently proposed new estate tax regulations that would permanently change estate planning for families who own a controlling interest in a privately held entity.
The National Cattlemen’s Beef Association (NCBA), along with more than 3,800 organizations and family-owned enterprises, sent a letter to the Treasury Secretary opposing and requesting the withdrawal of the proposed estate tax regulations.
“These proposed regulations would eliminate or greatly reduce marketability for family-related entities, effectively discouraging families from continuing to operate or grow their businesses and pass them on to future generations,” says NCBA director of government affairs, Danielle Beck. “Producers are often forced into selling land or cattle in order to pay the tax, and, in some cases, are put out of business. The Administration is causing unnecessary economic harm to family businesses.”