President Donald Trump's tax reform plan released last week addresses several policy priorities of the National Lumber and Building Material Dealers Association (NLBMDA), including repeal of the estate tax and reduction of the income tax rate for pass-through businesses. The proposal is a positive development in passing comprehensive tax reform for the first time in over 30 years.
NLBMDA has long held that the estate tax should be fully and permanently repealed, which would allow family-owned businesses to more easily be passed on to the next generation. Rep. Kristi Noem (R-SD) and Sen. John Thune (R-SD) earlier this year introduced the Death Tax Repeal Act (H.R. 631, S. 205) that would permanently repeal the federal estate tax. NLBMDA has joined over 60 other national organizations in support of the legislation.
Please click here to view NLBMDA’s full press release on this issue.