H.R.6439 - Keep the Forest in the Family Estate Tax Act of 2012

To amend the Internal Revenue Code of 1986 to provide an exception to the imposition of the additional estate tax for severance of standing timber harvested consistent with a forest management plan. view all titles (2)

All Bill Titles

  • Official: To amend the Internal Revenue Code of 1986 to provide an exception to the imposition of the additional estate tax for severance of standing timber harvested consistent with a forest management plan. as introduced.
  • Short: Keep the Forest in the Family Estate Tax Act of 2012 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
09/19/12
 
 
 
 
 
 
 

Sponsor

Representative

Diane Black

R-TN

View Co-Sponsors (23)

Official Summary

Keep the Forest in the Family Estate Tax Act of 2012 - Amends the Internal Revenue Code to: (1) provide an exemption from the additional estate tax for the disposition or severance of standing timber on a qualified woodland for timber that is harvested consistent with a written forest manag

Official Summary

Keep the Forest in the Family Estate Tax Act of 2012 - Amends the Internal Revenue Code to:
(1) provide an exemption from the additional estate tax for the disposition or severance of standing timber on a qualified woodland for timber that is harvested consistent with a written forest management plan or under professional guidance, and
(2) increase from $750,000 to $5 million the limitation on the reduction in the fair market value of real property used for farming or in another trade or business for estate tax purposes.

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