14-02-2025
Arkansas senators Boozman, Cotton co-sponsors on bill that would repeal federal death tax
WASHINGTON D.C. (KNWA/KFTA) — Senators Tom Cotton (R-Arkansas) and John Boozman (R-Arkansas) joined U.S. Senate Majority Leader John Thune (R-South Dakota) and 45 other Senate Republicans to reintroduce legislation that would repeal the federal death tax.
Called the Death Tax Repeal Act, Cotton said the bill would end a 'punitive' tax that can hit family-run farms, ranches, and businesses as the result of the owner's death.
'Families shouldn't have to sell major portions of their businesses or farms after the death of a parent just to afford the estate tax. Breaking apart a family's livelihood is neither fair nor good for the economy,' Cotton said. 'This legislation would end the federal death tax, making it much easier to preserve a family's legacy and way of life.'
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'Arkansas's farm families and small businesses should have the opportunity to preserve their legacies for the next generation instead of getting hit with a penalty that jeopardizes their livelihoods,' Boozman said. 'They need certainty and relief from this counterproductive burden. Repealing the death tax supports our agriculture producers and entrepreneurs so they can continue to grow their operations and benefit their local economy.'
Cotton said the bill would fully repeal the Estate Tax, repeal the Generation-Skipping Transfer Tax (GSTT) for when a grandparent transfers assets to a grandchild and maintain step-up basis.
Click here to read the full bill.
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