U.S. Congress - H.R.1624 Estate Tax Repeal for Family-Owned Farms and Businesses Act of 2005
H.R.1624 - Estate Tax Repeal for Family-Owned Farms and Businesses Act of 2005
To amend the Internal Revenue Code of 1986 to provide for the immediate and permanent repeal of the estate tax on family-owned businesses and farms, and for other purposes. view all titles (2)
All Bill Titles
- Short: Estate Tax Repeal for Family-Owned Farms and Businesses Act of 2005 as introduced.
- Official: To amend the Internal Revenue Code of 1986 to provide for the immediate and permanent repeal of the estate tax on family-owned businesses and farms, and for other purposes. as introduced.
This Bill currently has no wiki content. If you would like to create a wiki entry for this bill, please Login, and then select the wiki tab to create it.
Bill's Views
- Today: 1
- Past Seven Days: 1
- All-Time: 372
|
|
|
|
|
|
|
|
Committees
Official Summary
4/13/2005--Introduced.Estate Tax Repeal for Family-Owned Farms and Businesses Act of 2005 - Amends the Internal Revenue Code to revise the estate tax exclusion for family-owned business interests. Repeals the maximum $675,000 deduction for such interests and allows heirs of qualified interOfficial Summary
4/13/2005--Introduced.
Estate Tax Repeal for Family-Owned Farms and Businesses Act of 2005 - Amends the Internal Revenue Code to revise the estate tax exclusion for family-owned business interests. Repeals the maximum $675,000 deduction for such interests and allows heirs of qualified interests to exclude the adjusted value of such interests from the gross estate. Defines "qualified family-owned business interests" and revises ownership requirements and material participation rules applicable to family-owned business interests qualifying for the estate tax exclusion.
Provides that qualified family-owned business interests and spousal property acquired from a decedent shall be treated as transferred by gift and that the basis of such property shall be the lesser of the adjusted basis of the decedent, or the fair market value of such property at the date of the decedent's death (thus eliminating estate tax on such property).
...Read the Rest
Vote on This Bill
-
Share This Bill
More Share via Email
