We often refer to the fact that the “Bush Tax Cuts” – principally enacted in 2001 and 2003 as the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) – will sunset at the end of 2010 if no action is taken by Congress to extend them. One of the most prominent of the expiring provisions is the repeal of the federal estate and generation-skipping tax which is in place this year. (For a summary of the status of the estate tax at this time, see our Bulletin No. 10-37.) However, numerous other provisions will expire as a result of the sunset, as will certain provisions of the Obama stimulus bill tax cuts enacted last year.
Source: Leadership for Advanced Life Underwriting
