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H.R. 5259 (116th): Preserving Family Farms Act of 2019

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The text of the bill below is as of Nov 22, 2019 (Introduced). The bill was not enacted into law.

I

116th CONGRESS

1st Session

H. R. 5259

IN THE HOUSE OF REPRESENTATIVES

November 22, 2019

(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 2019.

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 $11,400,000.

(b)

Inflation adjustment

Section 2032A(a)(3) of such Code is amended—

(1)

by striking $750,000 both places it appears and inserting $11,400,000;

(2)

by striking 1998 in the matter preceding subparagraph (A) and inserting 2019; and

(3)

by striking 1997 in subparagraph (B) and inserting 2018.

(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.