A000064
Wednesday, November 28, 2001 9:45 AM
Victims of Terrorism Tax Relief Act
My name is and my brother-in law, , was
killed in the World Trade Center on September 11th.
I would like to address a few key points regarding the Victims of Terrorism
Tax Relief Act:
1) Income Tax - Waives income tax liability for the year of death
and at least one previous year.
2) Estate Tax - Decreases estate tax under a formula that
shields the first $3 million in assets from both
federal and state estate tax and $8.5 million in assets from
federal estate tax only for 2001.
(this does not include state estate tax on this portion).
3) Payroll Tax Relief - Refunds the two years worth of payroll
taxes of all those killed in the attacks.
Individual Comment