WASHINGTON, D.C. (Jan. 19, 2024) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, sent a letter of support to members of the U.S. House of Representatives supporting H.R. 7035, the Death Tax Repeal Act. Rep. Randy Feenstra (IA-04) and Rep. Sanford Bishop (GA-02) re-introduced the legislation in the U.S. House.

“This is common sense legislation for small family businesses,” said Jeff Brabant, NFIB Vice President of Federal Government Relations. “Taxing small business owners at death is wrong. This bill will help keep small family businesses in the family and prevent them from being acquired by larger competitors. NFIB thanks Representatives Feenstra and Bishop for re-introducing the Death Tax Repeal Act.”

Nearly half (44%) of small business owners reported they view the estate tax as a very important issue. Although a relatively small number of business owners end up paying the estate tax, many more seek professional guidance on how to prepare for it or evaluate the likelihood of being affected by it in the future.