IN THE SENATE OF THE UNITED STATES
October 26, 2021
Ms. Cortez Masto introduced the following bill; which was read twice and referred to the Committee on Finance
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.
This Act may be cited as the
Preserving Family Farms Act of 2021.
Increase in limitation on the estate tax valuation of certain real property used in farming or other trades or businesses
Section 2032A(a)(2) of the Internal Revenue Code of 1986 is amended by striking
$750,000 and inserting
Section 2032A(a)(3) of such Code is amended—
$750,000 both places it appears and inserting
1998 in the matter preceding subparagraph (A) and inserting
1997 in subparagraph (B) and inserting
The amendments made by this section shall apply to the estates of decedents dying after the date of the enactment of this Act.