To amend the Internal Revenue Code of 1986 to reduce estate taxes on family-owned farm businesses and to exclude gain from the sale or exchange of a farming business to the extent of the medical expenses paid by the taxpayer.
Farmer Estate Tax Relief Act of 1997 - Amends the Internal Revenue Code to exclude from the gross value of an estate, for purposes of the estate tax, specified portions of the value of a qualified family-owned farm business.
Provides for a limited (the lesser of certain qualified medical expenses or $500,000) one-time exclusion from gross income of the gain from the sale or exchange of certain qualified family-owned farm interests.
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E709)
Referred to the House Committee on Ways and Means.
Sponsor introductory remarks on measure. (CR E1592)
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