U.S. Congress - H.R.4042 Family Farm, Small Business, and Home Tax Relief Act
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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Official Summary
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; (2) reduce the maximum estOfficial Summary
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;
(2) reduce the maximum estate tax rate from 49 to 43% in 2008;
(3) restore and increase to $8 million the estate tax deduction for family-owned business interests and adjust such deduction amount for inflation after 2008;
(4) accelerate from 2010 to 2008 the repeal of the tax on generation-skipping transfers; and
(5) allow an exclusion, in calculating the gross estate for estate tax purposes, of the adjusted value of a decedent's principal residence, up to $2 million.
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Recent News Coverage
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. ...
Recent Blog Coverage
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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 maximum estate tax rate. hr 4172 from democrat dennis moore of kansas again increases the exemption to ...
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 âadditional estate taxâ recapture provision for 10 years following ...
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. Barnes, 479 US 361 (1987). The following note from The Constitution Annotated is most interesting: ...
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