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Preserving Family Farms Act of 2023


SWMissourian
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Representative DRAKE, for himself (and with thanks to Senator CORTEZ-MASTO), introduced the following bill: 

A BILL
To amend the Internal Revenue Code of 1986 to increase the limitation on the estate tax valuation of certain real property used in farming or other trades or businesses.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the “Preserving Family Farms Act of 2023”.

SEC. 2. INCREASE IN LIMITATION ON THE ESTATE TAX VALUATION OF CERTAIN REAL PROPERTY USED IN FARMING OR OTHER TRADES OR BUSINESSES.

(a) In General.—Section 2032A(a)(2) of the Internal Revenue Code of 1986 is amended by striking “$750,000” and inserting “$11,700,000”.

(b) Inflation Adjustment.—Section 2032A(a)(3) of such Code is amended—

(1) by striking “$750,000” both places it appears and inserting “$11,700,000”,

(2) by striking “1998” in the matter preceding subparagraph (A) and inserting “2023”, and

(3) by striking “1997” in subparagraph (B) and inserting “2022”.

(c) Effective Date.—The amendments made by this section shall apply to the estates of decedents dying after the date of the enactment of this Act. 

 

PES: This bill increases to $11.7 million (currently, $750,000) the limitation on the special use valuation for farmland or other trades or businesses for estate tax purposes. The increased amount is adjusted for inflation for estates of decedents dying after 2023.

Edited by SWMissourian

Christopher Drake

Republican, NY-2

Speaker of the United States House of Representatives

Former Chief Administrator - Rounds 4 & 5, Evil Arch-Conservative, Frequent Republican Player

 

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Passed the United States House of Representatives 325-104.

Christopher Drake

Republican, NY-2

Speaker of the United States House of Representatives

Former Chief Administrator - Rounds 4 & 5, Evil Arch-Conservative, Frequent Republican Player

 

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  • 2 weeks later...
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Aye 37
Nay 9
Present 4
 
Senate Votes
State Senator Philosophy Vote
Alabama Tommy Tuberville Nationalist Aye
Alaska Holly Hawthorne Nationalist Aye
Arizona Mick McGuire Nationalist Aye
Arkansas Tom Cotton Nationalist Aye
California Dianne Feinstein Progressive Aye
Colorado John Hickenlooper Moderate Liberal Aye
Connecticut Chris Murphy Progressive Nay
Delaware Tom Carper Moderate Liberal Aye
Florida Marco Rubio Evangelical Aye
Georgia Raphael Warnock Social Justice Warrior Aye
Hawaii Mazie Hirono Environmentalist Nay
Idaho Mike Crapo Evangelical Aye
Illinois Dick Durbin Progressive Present
Indiana Mike Braun Evangelical Aye
Iowa Chuck Grassley Business Aye
Kansas Jerry Moran Business Aye
Kentucky Mitch McConnell Business Aye
Louisiana John Kennedy Evangelical Aye
Maine Susan Collins Moderate Conservative Aye
Maryland Larry Hogan Moderate Conservative Aye
Massachusetts Elizabeth Warren Progressive Nay
Michigan Debbie Stabenow Environmentalist Nay
Minnesota Amy Klobuchar Moderate Liberal Aye
Mississippi Roger Wicker Evangelical Aye
Missouri Josh Hawley Nationalist Aye
Montana Jon Tester Moderate Liberal Aye
Nebraska Ben Sasse Evangelical Aye
Nevada Catherine Cortez Masto Social Justice Warrior Nay
New Hampshire Jeanne Shaheen Moderate Liberal Aye
New Jersey Cory Booker Progressive Nay
New Mexico Martin Heinrich Environmentalist Nay
New York Chuck Schumer Moderate Liberal Present
North Carolina Richard Burr Business Aye
North Dakota John Hoeven Evangelical Aye
Ohio Tim Ryan Moderate Liberal Aye
Oklahoma Jim Inhofe Evangelical Aye
Oregon Alek Skarlatos Nationalist Aye
Pennsylvania Bob Casey Jr Moderate Liberal Aye
Rhode Island Sheldon Whitehouse Environmentalist Present
South Carolina Lindsey Graham Business Aye
South Dakota John Thune Business Aye
Tennessee Marsha Blackburn Nationalist Aye
Texas Ted Cruz Evangelical Aye
Utah Mitt Romney Business Aye
Vermont Bernie Sanders Progressive Nay
Virginia Tim Kaine Moderate Liberal Aye
Washington Patty Murray Environmentalist Nay
West Virginia Kyle Fitzgerald Nationalist Aye
Wisconsin Mandela Barnes Progressive Present
Wyoming John Barrasso Evangelical Aye
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