aThe Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) repeals the estate tax in 2010. During the phaseout period, the new law increases the exempt amount to $3.5 million by 2009 and lowers the top rate to 45% by 2007.The federal gift tax remains though the rate is ...
TAX-EXEMPT STATUS: In the opinion of Chapman and Cutler LLP, Bond Counsel, subject to the City's compliance with certain covenants, under present law, interest on the Bonds (a) is excludable from gross income of the owners thereof for federal income tax purposes, (b) is not included as ...