Preserving Family Farms Act of 2023

Bill: 118-hr-4937
Sponsor: full_name: Rep. Panetta, Jimmy [D-CA-19]
Introduced: 2023-07-26
Policy area: Taxation
Latest action: action_date: 2023-07-26
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2023-07-26
action_desc: Introduced in House
text: <p><b>Preserving Family Farms Act of 2023</b></p> <p>This bill amends the Internal Revenue Code to increase to $13 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.</p>

tv_txt: I 118th CONGRESS 1st Session H. R. 4937 IN THE HOUSE OF REPRESENTATIVES July 26, 2023 Mr. Panetta (for himself and Mr. Kelly of Pennsylvania ) 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 2023 . 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 $13,000,000 . (b) Inflation adjustment Section 2032A(a)(3) of such Code is amended— (1) by striking $750,000 both places it appears and inserting $13,000,000 , (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.