H.R. 6271 (112th): Family Farm and Small Business Tax Relief Act of 2012

Introduced:
Aug 01, 2012 (112th Congress, 2011–2013)
Sponsor:
Rep. Scott Tipton [R-CO3]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on August 1, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Aug 01, 2012
Referred to Committee Aug 01, 2012
Cosponsors
none
Committees

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

Full Title

To amend the Internal Revenue Code of 1986 to exclude certain farmland and family-owned business interests from the value of the gross estate of decedents.

Summary

No summaries available.

Text

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Last updated Aug 01, 2012.
12 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

8/1/2012--Introduced.
Family Farm and Small Business Tax Relief Act of 2012 - Amends the Internal Revenue Code to exclude from a decedent's gross estate, for estate tax purposes, the adjusted value of qualified farmland and qualified family-owned business interests.
Imposes an additional estate tax if, within 10 years after the decedent's death and before the date of the qualified heir's death:
(1) qualified farmland ceases to be used for farming purposes or is sold outside of the qualified heir's family; or
(2) material participation requirements for a qualified family-owned business interest are not met, the business ceases to be located in the United States, or the business is sold outside the qualified heir's family.
Makes permanent estate tax provisions of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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