“Senator Ben Nelson played a key role in the Senate’s passage yesterday of the Lincoln – Kyl Death Tax Amendment to the FY2010 Budget Resolution. Permanency of estate tax relief has been a Nebraska Cattlemen priority for years and we appreciated Senator Nelson’s leadership as an active co-signor of the amendment,” said Nebraska Cattlemen Executive Vice President Michael Kelsey.

The Senate voted 51 to 48 in passing the Lincoln – Kyl Death Tax Amendment. This amendment would raise the exemption levels for the Death Tax to $5 million per individual and $10 million per couple.

Without the amendment, current estate tax cut provisions are scheduled to expire next year and revert to a $1 million exemption and 45 percent rate in 2011.

“The amendment indexes the $5 million exemption for inflation and moves the rate to 35 percent,” Kelsey said. “While some would prefer full repeal of estate taxes, this is a realistic amendment that is business and family friendly. It is a prime opportunity to establish permanency to estate taxes can help Nebraska families avoid having to sell land and break up viable operations. Establishing permanency would also allow them to reliably know how to manage their businesses and estates.”

There is bipartisan support for the amendment. Senator Mike Johanns supports it, and Nebraska Cattlemen has contacted the state’s three representatives to seek their support in getting the estate tax exemption approved in the House.

Following the consideration of the Lincoln-Kyl Amendment, Senators passed, by a vote of 53-46, the Durbin Amendment to prohibit the further consideration of death tax measures within the FY 2010 Budget Resolution unless the amendment provides for tax relief for Americans earning under $100,000 per year.

The Nebraska Cattlemen association is a grassroots organization whose individual producer members determine issues of importance to the state beef industry. NC performs three basic functions. First, the association represents the beef cattle industry to the legislative and administrative branches of the state and federal governments. Second, it explains beef production (including safety of the product, use of natural resources, care of animals and beef economics) to the public and opinion influencers. Third, it provides economic and other information to members to aid them in their own planning and management. Each member has the opportunity to influence state cattlemen's association policy and priorities through participation in councils and committees. NC programs are financed by dues invested by individual members.