S.2200 - Saving the Family Farm Act of 2012

A bill to amend the Internal Revenue Code of 1986 to exempt certain family-owned farms and businesses from the estate tax. view all titles (2)

All Bill Titles

  • Official: A bill to amend the Internal Revenue Code of 1986 to exempt certain family-owned farms and businesses from the estate tax. as introduced.
  • Short: Saving the Family Farm Act of 2012 as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
03/15/12
 
 
 
 
 
 
 

Sponsor

Senator

Mike Lee

R-UT

No Co-Sponsors

Official Summary

Saving the Family Farm Act of 2012 - Amends the Internal Revenue Code to exclude from the gross estate of a decedent the adjusted value of any qualified family-owned farm or business (i.e., a qualified farmland or a qualified trade or business) included in the estate. Requires: (1) the dece

Official Summary

Saving the Family Farm Act of 2012 - Amends the Internal Revenue Code to exclude from the gross estate of a decedent the adjusted value of any qualified family-owned farm or business (i.e., a qualified farmland or a qualified trade or business) included in the estate. Requires:
(1) the decedent to have been a citizen or resident of the United States at the time of death,
(2) the decedent and members of the decedent's family to have owned not less than 60% of such farm or business in any 5-year period during the 8-year period prior to the decedent's death, and
(3) material participation in the operation of the farm or business by the decedent and members of the decedent's family. Defines \"qualified farmland\" as any real property located in the United States that is used as a farm for farming purposes. Defines \"qualified trade or business\" as any interest in a trade or business that is not an interest in a C corporation and that was acquired from or passed from the decedent to an heir. Imposes a recapture tax on an heir who disposes of any interest in a qualified family-owned farm or business or who ceases to use qualified farmland for farming purposes after inheriting such property.

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