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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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
11/01/07
 
 
 
 
 
 
 

Official Summary

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

Official Summary

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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