Washington, D.C. — The Marine Retailers Association of America (MRAA) recently joined with 43 other national small business trade associations in asking the U.S. Senate to act now to pass permanent estate tax legislation that improves upon the House-passed bill, it reported in a statement on Dec. 22.
MRAA has long supported total repeal of the estate tax, a tax originally passed in the late 1800s to pay for the Spanish American War. With total repeal highly unlikely in the near future, MRAA said it is urging Congress to provide more permanent and certain relief for family-owned businesses and farms by increasing the per person exemption to $5 million, which would be indexed for inflation, and reducing the top estate tax rate to 35 percent.
“We believe this relief is critical for boat dealerships and marina operators at a time when we are struggling to create jobs. Our members need permanent relief to help plan for the future when their businesses are passed to children,” said MRAA Chairman Ed Lofgren.
MRAA said it is strongly opposed to enacting a short-term estate tax extension of current law, as was recently passed in the House of Representatives.
“Boat dealers and marina operators need certainty moving forward,” the association stated. “A short-term extension of current law blurs the financial planning outlook for our members.”