H.R. 2370 - Preserving Family Farms Act of 2021

117TH CONGRESS
1ST SESSION

H.R. 2370

To amend the Internal Revenue Code of 1986
to increase the limitation on the estate tax
valuation of certain real property used
in farming or other trades or businesses.

IN THE HOUSE OF REPRESENTATIVES

APRIL 5, 2021

Mr. PANETTA introduced the following bill;
which was referred to the Committee on _____

A BILL

To amend the Internal Revenue Code of 1986 to increase the limitation on the estate tax valuation of certain real property used in farming or other trades or businesses.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the "Preserving Family Farms Act of 2021".

SEC. 2. INCREASE IN LIMITATION ON THE ESTATE TAX VALUATION OF CERTAIN REAL PROPERTY USED IN FARMING OR OTHER TRADES OR BUSINESSES.

(a) IN GENERAL. — Section 2032A(a)(2) of the Internal Revenue Code of 1986 is amended by striking "$750,000" and inserting "$11,700,000".

(b) INFLATION ADJUSTMENT. — Section 2032A(a)(3) of such Code is amended —

(1) by striking "$750,000" both places it appears and inserting "$11,700,000",

(2) by striking "1998" in the matter preceding subparagraph (A) and inserting "2021", and

(3) by striking "1997" in subparagraph (B) and inserting "2020".

(c) EFFECTIVE DATE. — The amendments made by this section shall apply to the estates of decedents dying after the date of the enactment of this Act.