Log in Subscribe Join Grass Roots Action

Meat Institute Submits Comments to IRS Regarding Proposed Changes to Estate and Gift Tax Valuations

Tuesday, November 1, 2016

(North American Meat Institute)

The Meat Institute submitted comments to the Internal Revenue Service (IRS) regarding the agency's proposed changes to estate, gift and generation-skipping transfer taxes for small businesses. The Institute expressed opposition to the proposed rules and said the rules would adversely affect many meat and poultry companies given that they would eliminate or greatly reduce valuation discounts for lack of control and lack of marketability for family businesses, discouraging families from continuing to operate and build their businesses. The Institute argued that if finalized, the proposed rules would likely increase estate and gift tax liabilities by 30 percent or more on family-owned businesses, resulting in fewer family businesses surviving from one generation to the next. The Institute also stated that the rules would unfairly discriminate against families in favor of non-family-related entities by creating different valuation methods for family and non-family entities.

 share on facebook  share on twitter