The National Cattlemen’s Beef Association and more than 3,800 organizations sent a letter to Treasury Secretary Jacob Lew asking for withdrawal of the newly proposed estate tax regulations by the Department of Treasury. Danielle Beck, NCBA director of government affairs says the proposed regulations under section 2704 of the Internal Revenue Code would permanently change estate planning for families that own a controlling interest in a privately-held entity. It would eliminate or greatly reduce available valuation discounts for family-related entities, which in turn increase the tax associated with common transfers including inheritance.

Beck says Congress already sprang into action to fight against the estate tax rules with legislation in both the Senate and the House.

She says the Senate and House Republicans have also signed on to the letter to the Treasury Secretary with their opposition to the proposed regulations.

She says the proposed guidance is one of the most sweeping changes to estate tax policies in the last 25 years. It would impose significant new tax costs on family-owned businesses, cost jobs and threaten the ability for families to pass businesses on to the next generation of owners.