Senate Finance Committee Chairman Max Baucus, D-Mont., says his committee will take up the estate tax issue again sometime next year.
Baucus talked about the issue Thursday during a markup of the 2008 farm bill Thursday.
Sen. Jon Kyl, R-Ariz., raised the issue by offering an amendment that would have raised the individual estate tax exemption to $5 million, from $2 million today.
The amendment also would have set the rate for taxation to the capital gains rate, with an exemption ceiling of $25 million to take effect as of 2010.
Estates beyond the $25 million threshold would be taxed at a 30% rate.
Kyl agreed to withdraw the amendment after Baucus agreed to hold a hearing on the issue and a markup of an estate tax bill “next spring.”