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Tuesday, November 20, 2007

Estate Tax Cuts Approved

The Senate committee on ways and means on Friday approved two bills seeking to give bigger deductions on estate taxes to allow heirs to keep the family home.

Senate Bill 285, which was sponsored by Senator Richard Gordon, increases the maximum allowable deductible medical expenses in the computation of the net estate for the estate tax from P500,000 to P1.5 million.

Senate Bill 286, also sponsored by Gordon, allows the deduction of the full current fair market value of the family home (exceeding P1 million) from the net estate of the deceased person if he or she leaves a surviving spouse behind.

“This intends to ease the burden of the surviving spouse from the ordeal of putting up cash to pay for the estate tax on the family home, especially after having suffered the death of the decedent, mourning the loss of the family, and shouldering many other expenses, particularly medical and burial expenses of the decedent,” Gordon said, explaining the rationale of the bill.

The senator said sick people tend to spend a lot of money during their illness and many are forced to sell their homes to spend for their treatment. The twin bills, he said, would ease the burden on the heirs, who are usually left with no family home left after all their assets are spent on the treatment of their sick relative.

Senate ways and means committee OKs more tax exemptions
By Veronica Uy
INQUIRER.net
Last updated 04:59pm (Mla time) 11/16/2007
http://business.inquirer.net/money/breakingnews/view_article.php?article_id=101329

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