To amend the Internal Revenue Code of 1986 to provide for the immediate and permanent repeal of the estate tax on family-owned businesses and farms, and for other purposes.
Estate Tax Repeal for Family-Owned Farms and Businesses Act of 2003 - Amends estate tax provisions of the Internal Revenue Code to repeal section 2057 (Family-Owned Business Interests). Allows for purposes of such tax, in the case of an electing estate of a decedent with specified family-owned business interests, the taxable estate value to be determined by deducting from the value of the gross estate the adjusted value of such qualified family-owned business interests of the decedent. Provides for the treatment of family-owned business interests and spousal property.
Referred to the Committee on Finance.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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