Will the Senate approve something like the House measure? It won’t act right away. Senate Majority Leader Bill Frist (R-Tenn.) said June 27 that there won’t be an estate tax vote until after the July 4 recess. “We’re not disappointed with the delay,” says Macey Davis, tax counsel for the National Federation of Independent Business. “We think that actually helps our efforts tremendously in getting the senators on board who might be on the fence.”
Danielle Ringwood, Associated Builders & Contractors’ senior director for legislative affairs, says, “We remain optimistic that an agreement will be reached by the end of this session.” ABC, NFIB and other industry groups favor permanently repealing what they call the “death tax.” But the Senate votes don’t seem to be there. Ringwood believes that the Senate will eventually agree on a compromise position.