Preserving Family Farms Act of 2021

Bill: 117-hr-2370
Sponsor: full_name: Rep. Panetta, Jimmy [D-CA-20]
Introduced: 2021-04-05
Policy area: Taxation
Subjects: Farmland

Tax administration and collection, taxpayers

Transfer and inheritance taxes
Latest action: action_date: 2021-04-05
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2021-04-05
action_desc: Introduced in House
text: <p><b>Preserving Family Farms Act of 2021</b></p> <p>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 2021.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 2370 IN THE HOUSE OF REPRESENTATIVES April 5, 2021 Mr. Panetta (for himself and Mrs. Walorski ) introduced the following bill; which was referred to the Committee on Ways and Means 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.

1. Short title This Act may be cited as the Preserving Family Farms Act of 2021 . 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 2021 , and (3) by striking 1997 in subparagraph (B) and inserting 2020 . (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.