H.R.4042 - Family Farm, Small Business, and Home Tax Relief Act

To amend the Internal Revenue Code of 1986 to reduce the estate tax for periods before its termination in 2010 by increasing the unified credit, lowering the maximum estate tax rate, restoring the exclusion for family-owned business interests, excluding the value of the decedent's principal residence, and for other purposes. view all titles (2)

All Bill Titles

  • Short: Family Farm, Small Business, and Home Tax Relief Act as introduced.
  • Official: To amend the Internal Revenue Code of 1986 to reduce the estate tax for periods before its termination in 2010 by increasing the unified credit, lowering the maximum estate tax rate, restoring the exclusion for family-owned business interests, excluding the value of the decedent's principal residence, and for other purposes. as introduced.

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News Coverage

10/31/07
Central Valley congressman pushes ...

The bill, HR 4042, exempts up to $8 million (indexed for inflation) from the estate tax value of a small business or family farm. ...

Source: Central Valley Business Times, CA
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Blog Coverage

View All (13)

03/07/08
let the games begin!

hr 4042 from democrat gerald mcnerney of california would increase the exemption a year early to $3.5mm and establishes 45% as the maximu...

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02/11/08
Watch Out for §2057 Recapture Whe...

Note pending HR 4042, which proposes a $8 M QFOBI deduction.) More importantly, the family-owned business interest that transfers to a qu...

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01/19/08
Hey, look what I found.

We therefore hold that HR 4042 became law. . . .'), vacated and remanded with instructions to dismiss the complaint as moot, Burke v. Bar...

Source: Daily Kos
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12/22/07
Family relief tax working

The Family Farm, Small Business, and Home Tax Relief Act, HR 4042, ensures that middle class Election Information. Working Families Vote ...

Source: Top
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12/13/07
850 Acres And A Pony -- Revisited

Jerry McNerney's most recent bill, HR 4042, which he announced as a first step to permanent repeal of the estate tax. Introducing his leg...

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11/19/07
Found In Translation

Yesterday, he announced that he is sponsoring HR 4042, the dynasty Farm, inadequate work and domicile Tax Relief Act. Here's how a distri...

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11/03/07
McNerney Chips Away At Estate Tax

Congressman Jerry McNerney (CA-11) has recently decided to lead an attack on the estate tax from the Democratic side of the aisle. Yester...

Source: Tax
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11/03/07
Globalization: The World State Is ...

Yesterday, he announced that he is sponsoring HR 4042, the Family Farm, Small Business and Home Tax Relief Act. Here s how a local newspa...

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11/02/07
Firedoglake » McNerney Chips Away...

Yesterday, he announced that he is sponsoring H.R. 4042, the Family Farm, Small Business and Home Tax Relief Act. Here's how a local news...

Source: Firedoglake
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11/02/07
mcnerney chips away at estate tax

yesterday, he announced that he is sponsoring hr 4042, the family farm, small business and home tax relief act. here’s how a local news...

Source: Firedoglake
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