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Preserving Family Farms Act of 2021

12/30/2022, 7:48 AM

Congressional Summary of S 3077

Preserving Family Farms Act of 2021

This bill increases to $11.7 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 2021.

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Current Status of Bill S 3077

Bill S 3077 is currently in the status of Bill Introduced since October 26, 2021. Bill S 3077 was introduced during Congress 117 and was introduced to the Senate on October 26, 2021.  Bill S 3077's most recent activity was Read twice and referred to the Committee on Finance. as of October 26, 2021

Bipartisan Support of Bill S 3077

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill S 3077

Primary Policy Focus

Taxation

Potential Impact Areas

- Farmland
- Tax administration and collection, taxpayers
- Transfer and inheritance taxes

Alternate Title(s) of Bill S 3077

Preserving Family Farms Act of 2021
Preserving Family Farms Act of 2021
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.

Comments

Sponsors and Cosponsors of S 3077

Catherine Cortez Masto
Catherine Cortez Masto
NevadaDemocrat

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