H.R.4015 - Family Farm and Small Business Tax Relief Act of 2009

To amend the Internal Revenue Code of 1986 to extend certain estate tax provisions and restore and increase the estate tax deduction for certain family-owned business interests. view all titles (2)

All Bill Titles

  • Official: To amend the Internal Revenue Code of 1986 to extend certain estate tax provisions and restore and increase the estate tax deduction for certain family-owned business interests. as introduced.
  • Short: Family Farm and Small Business Tax Relief Act of 2009 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
11/04/09
 
 
 
 
 
 
 

Official Summary

Family Farm and Small Business Tax Relief Act of 2009 - Extends the estate and gift tax rates in effect in 2009 by eliminating the general terminating date (i.e., December 31, 2010) in the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) applicable to such rates. Amends th

Official Summary

Family Farm and Small Business Tax Relief Act of 2009 - Extends the estate and gift tax rates in effect in 2009 by eliminating the general terminating date (i.e., December 31, 2010) in the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) applicable to such rates. Amends the Internal Revenue Code to:
(1) establish a permanent $3.5 million estate tax exclusion (adjusted for inflation) and a maximum estate and gift tax rate of 45% after 2010;
(2) restore after 2010 the estate tax deduction for family-owned business interests and increase the amount of such deduction to $8 million (adjusted annually for inflation); and
(3) exclude from the gross estate of a decedent the value of farmland used as a farm for farming purposes.

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