H.R.6271 - Family Farm and Small Business Tax Relief Act of 2012

To amend the Internal Revenue Code of 1986 to exclude certain farmland and family-owned business interests from the value of the gross estate of decedents. view all titles (2)

All Bill Titles

  • Official: To amend the Internal Revenue Code of 1986 to exclude certain farmland and family-owned business interests from the value of the gross estate of decedents. as introduced.
  • Short: Family Farm and Small Business Tax Relief Act of 2012 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
08/01/12
 
 
 
 
 
 
 

Sponsor

Representative

Scott Tipton

R-CO

No Co-Sponsors

Official Summary

Family Farm and Small Business Tax Relief Act of 2012 - Amends the Internal Revenue Code to exclude from a decedent's gross estate, for estate tax purposes, the adjusted value of qualified farmland and qualified family-owned business interests. Imposes an additional estate tax if, with

Official Summary

Family Farm and Small Business Tax Relief Act of 2012 - Amends the Internal Revenue Code to exclude from a decedent's gross estate, for estate tax purposes, the adjusted value of qualified farmland and qualified family-owned business interests. Imposes an additional estate tax if, within 10 years after the decedent's death and before the date of the qualified heir's death:
(1) qualified farmland ceases to be used for farming purposes or is sold outside of the qualified heir's family; or
(2) material participation requirements for a qualified family-owned business interest are not met, the business ceases to be located in the United States, or the business is sold outside the qualified heir's family. Makes permanent estate tax provisions of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.

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