Bill > S1927

This bill aims to modify the Internal Revenue Code to increase the limitation on the aggregate reduction in the fair market value of farmland for estate tax purposes. Specifically, the bill would raise the existing $750,000 limitation to $15,000,000 for qualified real property being used for agricultural purposes (as defined in the tax code), while maintaining the $750,000 limit for other types of qualified property. The term "estate tax" refers to a tax levied on the total value of a deceased person's assets before inheritance. The bill's purpose appears to be helping family farms preserve their land value during inheritance by providing a significantly larger tax reduction for agricultural properties. The changes would apply to estates of individuals who die after the bill's enactment, potentially making it easier for family farms to be passed down to future generations without incurring substantial tax burdens that might force the sale of agricultural land.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/1927/all-info