Travel Plaza/Truckstop Industry Applauds House Passage of Death Tax Elimination Act

Apr 04, 2001, 01:00 ET from NATSO, Inc.

    ALEXANDRIA, Va., April 4 /PRNewswire/ -- NATSO, Inc., the professional
 trade association representing America's $42 billion travel plaza and
 truckstop industry, applauded the House of Representatives' vote of 274-154
 today in favor of the Death Tax Elimination Act of 2001.  The measure would
 phase out the controversial federal estate and gift tax by 2011 as a part of
 President Bush's $1.6 trillion tax relief plan.
     "The U.S. House of Representatives' decision to phase out the death tax
 was a crucial step towards preserving family-owned travel plazas and
 truckstops," said NATSO President W. Dewey Clower.
     Clower continued, "This tax prevents a family from passing on the product
 of its labor to the next generation.  We urge the Senate to act swiftly so
 that hard-working families are not forced to sell their businesses to pay this
 punitive tax."
     The $192 billion bill was introduced as a bipartisan measure on March 16,
 2001 by Rep. Jennifer Dunn (R-Wash.) and Rep. John Tanner (D-Tenn.).  It
 passed the House Ways and Means Committee last week.
     The law currently states that estates valued at less than $675,000 are
 exempt from the tax.  The rate of exemption is scheduled to rise to $700,000
 next year, $850,000 in 2004, $950,000 in 2005 and $1 million by 2006.  The
 Death Tax Elimination Act of 2001 maintains the current scheduled exemption
 increases, but the top 55 percent tax rate would be reduced over a 10-year
 period.  As of 2002, the top rate would drop to 53 percent with a gradual
 yearly decline creating a full repeal of the tax by 2011.  Additionally, a
 five percent surtax on estates valued over $10 million would be eliminated at
 the start of next year.
 
     NATSO is the professional association of America's $42 billion travel
 plaza and truckstop industry.  Founded in 1960, NATSO represents the industry
 on legislative and regulatory matters; serves as the official source of
 information on the diverse travel plaza and truckstop industry; provides
 education to its members; conducts an annual convention and trade show; and
 supports efforts to generally improve the business climate in which its
 members operate.
 
 

SOURCE NATSO, Inc.
    ALEXANDRIA, Va., April 4 /PRNewswire/ -- NATSO, Inc., the professional
 trade association representing America's $42 billion travel plaza and
 truckstop industry, applauded the House of Representatives' vote of 274-154
 today in favor of the Death Tax Elimination Act of 2001.  The measure would
 phase out the controversial federal estate and gift tax by 2011 as a part of
 President Bush's $1.6 trillion tax relief plan.
     "The U.S. House of Representatives' decision to phase out the death tax
 was a crucial step towards preserving family-owned travel plazas and
 truckstops," said NATSO President W. Dewey Clower.
     Clower continued, "This tax prevents a family from passing on the product
 of its labor to the next generation.  We urge the Senate to act swiftly so
 that hard-working families are not forced to sell their businesses to pay this
 punitive tax."
     The $192 billion bill was introduced as a bipartisan measure on March 16,
 2001 by Rep. Jennifer Dunn (R-Wash.) and Rep. John Tanner (D-Tenn.).  It
 passed the House Ways and Means Committee last week.
     The law currently states that estates valued at less than $675,000 are
 exempt from the tax.  The rate of exemption is scheduled to rise to $700,000
 next year, $850,000 in 2004, $950,000 in 2005 and $1 million by 2006.  The
 Death Tax Elimination Act of 2001 maintains the current scheduled exemption
 increases, but the top 55 percent tax rate would be reduced over a 10-year
 period.  As of 2002, the top rate would drop to 53 percent with a gradual
 yearly decline creating a full repeal of the tax by 2011.  Additionally, a
 five percent surtax on estates valued over $10 million would be eliminated at
 the start of next year.
 
     NATSO is the professional association of America's $42 billion travel
 plaza and truckstop industry.  Founded in 1960, NATSO represents the industry
 on legislative and regulatory matters; serves as the official source of
 information on the diverse travel plaza and truckstop industry; provides
 education to its members; conducts an annual convention and trade show; and
 supports efforts to generally improve the business climate in which its
 members operate.
 
 SOURCE  NATSO, Inc.