Blanche Lincoln (D, Ark) and Jon Kyl (R, Ariz) have introduced legislation to add a “35 and 5″ estate tax extension to a small business bill the Senate is debating. The “35 and 5″ means: 35% tax rate and $5 million unified credit (i.e., you can die with $5 million without paying estate taxes–roughly speaking). The Senate had already agreed to the “35 and 5″ in a prior non-binding budget resolution. The question now is whether it can get through the House. Pelosi is expected to oppose it.

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