Enrile pushes estate tax relief for homeowners 08/29/2010

Enrile pushes estate tax relief for homeowners
08/29/2010
Persons inheriting homes from deceased parents or relatives usually are overburdened by the estate tax which they could ill afford. Because of inability to pay the estate tax, some heirs are focused to sell their inherited property.

To grant them relief, Senate President Juan Ponce Enrile has filed a bill granting an estate tax exemption for a family home from P1 million to P10 milllion.

“The prevailing provisions of Republic Act 8424) or the Tax Reform Act of 1997), as amended, allow for the deduction from the gross estate an amount equivalent to the current fair market value of the decedent’s family home up to P1 million,” Enrile explained in Senate Bill 132.

“Despite the deduction, the increasing value of the family home nowadays and its inclusion in the computation of the estate tax contribute significantly to the amount to be paid by the surviving spouse.... MORE

Source:  The Daily Tribune

URL: http://www.tribuneonline.org/headlines/20100829hed6.html