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S. 3077: Preserving Family Farms Act of 2021


The text of the bill below is as of Oct 26, 2021 (Introduced).


II

117th CONGRESS

1st Session

S. 3077

IN THE SENATE OF THE UNITED STATES

October 26, 2021

introduced the following bill; which was read twice and referred to the Committee on Finance

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.