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Preserving Family Farms Act of 2023


Bruce
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Having passed both houses of Congress, this bill is recommended to the President for his signature or veto.

  

On 1/22/2022 at 3:40 PM, SWMissourian said:

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.

 

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