Protect Family Farms and Businesses Act

Bill: 114-s-3436
Sponsor: full_name: Sen. Rubio, Marco [R-FL]
Introduced: 2016-09-28
Policy area: Taxation
Subjects: Administrative law and regulatory procedures

Department of the Treasury

Internal Revenue Service (IRS)

Tax administration and collection, taxpayers

Transfer and inheritance taxes
Latest action: action_date: 2016-09-28
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2016-09-28
action_desc: Introduced in Senate
text: <p><b>Protect Family Farms and Businesses Act </b></p> <p>This bill prohibits proposed Internal Revenue Service regulations published on August 4, 2016, relating to restrictions on liquidation of an interest with respect to estate, gift, and generation-skipping transfer taxes from taking effect. The bill prohibits funds from being used to finalize, implement, administer, or enforce the proposed regulations or any substantially similar regulations. </p>

tv_txt: II 114th CONGRESS 2d Session S. 3436 IN THE SENATE OF THE UNITED STATES September 28, 2016 Mr. Rubio (for himself, Mr. Flake , and Mr. Moran ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To prevent proposed regulations relating to restrictions on liquidation of an interest with respect to estate, gift, and generation-skipping transfer taxes from taking effect.

1. Short title This Act may be cited as the Protect Family Farms and Businesses Act . 2. Proposed regulations relating to restrictions on liquidation of an interest with respect to estate, gift, and generation-skipping transfer taxes prevented from taking effect The proposed regulations under section 2704 of the Internal Revenue Code of 1986 relating to restrictions on liquidation of an interest with respect to estate, gift, and generation-skipping transfer taxes, published on August 4, 2016, in the Federal Register (81 Fed. Reg. 51413) shall have no force or effect. No Federal funds may be used to finalize, implement, administer, or enforce such proposed regulations or any substantially similar regulations.