Extension of current estate tax laws likely

It looks like the current estate tax laws will be extended for a year.

Democrats on the House Ways and Means Committee have agreed to back a one-year extension of the current estate tax levels and tie it to a broader overhaul of the tax code in 2010.  Analysts say a one-year extension would make the estate tax levels expire at the same time as many other provisions in the tax code.  That would potentially give members an opportunity for a broader rewrite of the revenue structure.

The National Cattlemen’s Beef Association opposes a simple extension of the current law.  NCBA says the so-called “death tax” is one of the leading causes of the breakup of multi-generation family farms and ranches.  The group is asking Congress to reform the estate tax to  “give some relief and certainty to dedicated farming and ranching families who continue to work and preserve the land.”