The proposed budget submitted by President Barack Obama to Congress last week does contemplate that the death tax exemption would be "frozen" at the 2009 level of $3.5 million and the top rate would be "frozen" at 45%, PMAA dais in the most recent issue of its PMAA News from Capitol Hill. It does not appear to contemplate "indexing for inflation."
Of all the tax items in [image-nocss] the budget request, this might be the best candidate for resolution within the budget process, said the association. If Congress provides reconciliation instructions, it would avoid a 60-vote showdown in the Senate. The instructions could still require Congress to find offsetting revenues elsewhere, although the President "assumes" it to be part of the budget baseline.
One of the interesting proposals in the President's budget request is to make permanent the current temporary Alternative Minimum Tax (AMT) income levels "patch" at the 2009 levels with indexing for inflation in future years. Congress struggles each year passing an AMT patch and this might be the exit strategy, PMAA said.
In other PMAA news, New York petroleum marketer Jim Buhrmaster will receive the 2009 PMAA Distinguished Service Award, the group said in its PMAA Today newsletter. This award is PMAA's highest award and is reserved for persons who have provided extraordinary service to independent marketers at the local, state and national level. Buhrmaster will be honored at a Distinguished Service Award luncheon on May 15 in Washington.
"Jim is a special leader and he has done so much for the industry. He is very deserving of the award," said North Carolina marketer Larry Jordan, who served as 2009 Chairman of the DSA Committee.
"Jim's biography is very impressive, but it really does not reveal the full measure of the man," said PMAA President Dan Gilligan. "When I worked closely with Jim as PMAA Chairman in 2002, I got to see firsthand his great leadership skills and dedication to the industry," he said.
Buhrmaster, who makes his home in Scotia, N.Y., has always been willing to step forward and serve the industry associations whenever asked. He has served as PMAA chairman, Empire State Petroleum Association (ESPA) chairman, Mohawk Valley Oil Dealers Association president, PMAA SBC PAC chairman and New York Petroleum Associations compensation trustee. He has been a leader outside the industry serving as chairman of the Schenectady County Chamber of Commerce and president of the Schenectady County Council of Boy Scouts of America. He serves as a legislator on the Schenectady Council Legislature and recently ran for U.S. Congress.
Serving on the 2009 PMAA Distinguished Service Award committee were Larry Jordan, former PMAA chairman; Washington marketer Gerry Ramm; California marketer John DeWitt; Minnesota Marketer Vern Kelly and Eric DeGesero, executive director of the Fuel Merchants Association of New Jersey.
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