Each year when the estate tax is collected, an estimated 2.6 million acres of woodlands are harvested and 1.4 million acres are sold to pay the federal estate tax.
If Congress does not take action before the end of 2010, we will see this number rise even higher.
Beginning in 2011, a 55 percent tax will be collected on all estates valued over $1 million—the levels of 2001.
Congress has a way to fix the estate tax for family-owned forests and farms. Senators Dianne Feinstein (D-CA) and Mike Crapo (R-ID) introduced The Family Farm Estate Tax Deferral Act of 2010 (S. 3664), which would provide family forest owners with an exemption from the estate tax, if they keep the land in their family and manage it as a forest.
Learn more about the Feinstein-Crapo bill.
Source - American Forest Foundation
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