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H.R.4042

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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.

Other Bill Titles (2 more)

11/1/2007--Introduced.
Family Farm, Small Business, and Home Tax Relief Act - Amends the Internal Revenue Code to:
(1) accelerate from 2009 to 2008 the $3.5 million unified estate tax credit and adjust such credit amount for inflation in calendar years after 2008;

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IntroducedresultVoted on by HouseresultVoted on by SenateresultConsidered By PresidentresultBill Becomes Law
November 01, 2007
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In the News feed

November 01, 2007 Central Valley congressman pushes for family farm estate tax relief

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

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Source: Central Valley Business Times, CA


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Blog Coverage feed

February 12, 2008 Watch Out for §2057 Recapture When Transferring Interests in ...

Note pending HR 4042, which proposes a $8 M QFOBI deduction.) More importantly, the family-owned business interest that transfers to a qualified heir is subject to an “additional estate tax” recapture provision for 10 years following ...

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Source: Tax and Business Law Blawg


December 23, 2007 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 (AFL-CIO) Broad tax relief should ease burden on working poor Priorities estimates that the Lingle ...

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December 14, 2007 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 legislation to the local media, McNerney used a SF Public Utilities Commission employee and part-time ...

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Source: The Progressive Connection - Front Page


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