The Montana Stockgrowers Association today applauded the introduction of legislation that would repeal the death tax.
This week U.S. Reps. Kristi Noem (R-S.D.) and Sanford Bishop (D-Ga.) introduced The Death Tax Repeal Act of 2017 in the House while U.S. Sen. John Thune (R-S.D.) introduced a companion bill in the Senate.
“MSGA has been advocating for the repeal of the death tax since its reinstatement in 2011,” said MSGA Executive Vice President Errol Rice. “This legislation will remove a burdensome tax that forces many ranches to go out of business rather than continuing on to the next generation.”
The death tax has been a huge barrier for family owned ranches, forcing them to pay based on the non-liquid value of assets; this has caused many families to sell off all or part of the ranch in order to pay the death tax. The removal of this tax will help ensure the future of family-run ranches in Montana.
The Montana Stockgrowers Association, a non-profit organization representing nearly 2,500 members, strives to serve, protect and advance the economic, political, environmental and cultural interests of cattle producers, the largest sector of Montana’s number one industry – agriculture.