Federal Spotlight: ABI signs onto letter opposing proposed IRS regulations

ABI signed onto a letter by the National Association of Manufacturers (NAM) and the Family Business Estate Tax Coalition (FBETC), to Treasury Secretary Jack Lew voicing the concerns about the potential impact of proposed regulations under Internal Revenue Section 2704 (the “proposed minority discount rules”). The letter garnered the support of over 3,800 family-owned enterprises and organizations.

The proposed guidance is one of the most sweeping changes to estate tax policies in the last 25 years, and would be detrimental to active enterprises and family-owned businesses that employ millions of workers throughout the nation. These rules would impose significant new tax costs on family-owned businesses, diverting capital from business investment, costing jobs and threatening the ability of families to pass businesses on to the next generation of owners. As drafted, the proposed regulations fail to consider the appropriate concerns and economic realities of family-owned businesses.

ABI members Al and Ann Jennings of EFCO Corp., traveled to Washington D.C. to attend a NAM meeting with the Treasury Department to discuss the impact of the regulations and to urge Treasury to withdraw this proposal.

Please click here to view the letter and full list of signatories, including the Iowa businesses that signed on.