On December 3rd the House passed H.R. 4154, the Permanent Estate Tax Relief for Families, Farms, and Small business Act of 2009 by a vote of 225 to 200.

The bill willl permently extend the tax exempton and the maximum tax at the current rate.  As of 2009, the estate tax deduction is set at $3.5 million for individuals and $7 million for married couples and the maximum tax rate on estate is 45%.