Preserving Family Farms Act of 2023
12/20/2023, 8:15 AMSummary of Bill HR 4937
The Preserving Family Farms Act of 2023, also known as Bill 118 hr 4937, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to provide relief to family farms facing estate tax burdens by allowing them to defer payment of estate taxes for up to 15 years.Under current law, family farms are often forced to sell off assets or even the entire farm in order to pay estate taxes upon the death of a family member. This can be particularly challenging for small family farms that may not have the liquid assets needed to cover these tax obligations.
The Preserving Family Farms Act seeks to address this issue by allowing family farms to defer payment of estate taxes for up to 15 years, as long as the farm remains in operation and is not subdivided or developed. This would provide much-needed relief to family farms, allowing them to continue operating without the financial burden of estate taxes. In addition to the estate tax deferral provision, the bill also includes measures to simplify the valuation of farmland for estate tax purposes and to provide additional flexibility for family farms in meeting estate tax obligations. Overall, the Preserving Family Farms Act of 2023 aims to support and protect family farms by providing them with the tools and resources needed to navigate the complexities of estate taxes and ensure the continued viability of their operations for future generations.
Congressional Summary of HR 4937
Preserving Family Farms Act of 2023
This bill amends the Internal Revenue Code to increase to $13 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 2023.
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Current Status of Bill HR 4937
Bill HR 4937 is currently in the status of Bill Introduced since July 26, 2023. Bill HR 4937 was introduced during Congress 118 and was introduced to the House on July 26, 2023. Bill HR 4937's most recent activity was Referred to the House Committee on Ways and Means. as of July 26, 2023Bipartisan Support of Bill HR 4937
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
22Democrat Cosponsors
2Republican Cosponsors
20Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 4937
Primary Policy Focus
TaxationAlternate Title(s) of Bill HR 4937
Preserving Family Farms Act of 2023Preserving Family Farms Act of 2023To 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
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Sponsors and Cosponsors of HR 4937
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