HR 6289 IHCommentsClose CommentsPermalink

To amend the Internal Revenue Code of 1986 to increase the maximum reduction in estate tax value for farmland and other special use property, to restore and increase the estate tax deduction for family-owned business interests, and for other purposes.CommentsClose CommentsPermalink

June 18, 2008CommentsClose CommentsPermalink

Mr. CONAWAY introduced the following bill; which was referred to the Committee on Ways and MeansCommentsClose CommentsPermalink

To amend the Internal Revenue Code of 1986 to increase the maximum reduction in estate tax value for farmland and other special use property, to restore and increase the estate tax deduction for family-owned business interests, and for other purposes.CommentsClose CommentsPermalink

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘Save Family-Owned Farms and Small Businesses Act of 2008’.CommentsClose CommentsPermalink

SEC. 2. INCREASE IN MAXIMUM REDUCTION IN ESTATE TAX VALUE FOR FARMLAND AND OTHER SPECIAL USE PROPERTY UNDER 2032A.

(a) In General- Subsection (a) of section 2032A of the Internal Revenue Code of 1986 (relating to valuation of certain farm, etc., real property) is amended--CommentsClose CommentsPermalink





(1) by striking ‘$750,000’ each place it appears and inserting ‘$1,850,000’,CommentsClose CommentsPermalink





(2) by striking ‘after 1998’ in paragraph (3) and inserting ‘after 2009’, andCommentsClose CommentsPermalink





(3) by striking ‘1997’ in paragraph (3)(B) and inserting ‘2008’.CommentsClose CommentsPermalink





(b) Effective Date- The amendments made by this section shall apply to estates of decedents dying after December 31, 2008.CommentsClose CommentsPermalink

SEC. 3. RESTORATION OF, AND INCREASE IN, DEDUCTION FOR FAMILY-OWNED BUSINESS INTERESTS.

(a) Restoration- Subsection (j) of section 2057 of the Internal Revenue Code of 1986 (relating to termination) is amended to read as follows:CommentsClose CommentsPermalink





‘(j) Application of Section- This section--CommentsClose CommentsPermalink





‘(1) shall not apply to estates of decedents dying after December 31, 2003, and before January 1, 2009, butCommentsClose CommentsPermalink





‘(2) shall apply to estates of decedents dying after December 31, 2008.’.CommentsClose CommentsPermalink





(b) Increase-CommentsClose CommentsPermalink





(1) IN GENERAL- Subsection (a) of section 2057 of such Code is amended--CommentsClose CommentsPermalink





(A) by striking ‘$675,000’ in paragraph (2) and inserting ‘$2,000,000’, andCommentsClose CommentsPermalink





(B) by striking paragraph (3).CommentsClose CommentsPermalink





(2) COST-OF-LIVING ADJUSTMENT- Subsection (a) of section 2057 of such Code is amended by adding at the end the following new paragraph:CommentsClose CommentsPermalink





‘(3) COST-OF-LIVING ADJUSTMENT- In the case of any decedent dying in a calendar year after 2009, the $2,000,000 amount in paragraph (2) shall be increased by an amount equal to--CommentsClose CommentsPermalink





‘(A) such dollar amount, multiplied byCommentsClose CommentsPermalink





‘(B) the cost-of-living adjustment determined under section 1(f)(3) for such calendar year by substituting ‘calendar year 2008’ for ‘calendar year 1992’ in subparagraph (B) thereof.CommentsClose CommentsPermalink





If any amount as adjusted under the preceding sentence is not a multiple of $10,000, such amount shall be rounded to the nearest multiple of $10,000.’.CommentsClose CommentsPermalink





(c) Effective Date- The amendments made by this section shall apply to estates of decedents dying after December 31, 2008.CommentsClose CommentsPermalink