To amend the Internal Revenue Code of 1986 to provide an exception to the imposition of the additional estate tax for severance of standing timber harvested consistent with a forest management plan.
Keep the Forest in the Family Estate Tax Act of 2012 - Amends the Internal Revenue Code to: (1) provide an exemption from the additional estate tax for the disposition or severance of standing timber on a qualified woodland for timber that is harvested consistent with a written forest management plan or under professional guidance, and (2) increase from $750,000 to $5 million the limitation on the reduction in the fair market value of real property used for farming or in another trade or business for estate tax purposes.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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