Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Act of 2009

Sponsor: EARL POMEROY (D-ND)

Division A: Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Act of 2009 - Permanent Estate Tax Relief For Families, Farmers, and Small Businesses Act of 2009 - (Sec. 2) Repeals provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) eliminating the tax on estates and generation-skipping transfers and the step-up in basis provisions for property acquired from a decedent for estates of decedents dying after 2009 (thus retaining estate and gift tax provisions in effect in 2009). Declares that the sunset provision (general termination date of December 10, 2010) of EGTRRA shall not apply to the estate and gift tax provisions of that Act (thus preventing a reversion to estate and gift tax provisions in effect prior to its enactment). (Sec. 3) Amends the Internal Revenue Code to establish a permanent $3.5 million exclusion amount and a maximum tax rate of 45% for decedents dying, and gifts made, after December 31, 2009.

Taxation Topic assigned by the Congressional Research Service.