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.
Preserving Family Farms Act of 2023
This bill amends the Internal Revenue Code to increase to $13 million (currently, $750,000) the limitation on the special use valuation for farmland or other trades or businesses for estate tax purposes. The increased amount is adjusted for inflation for estates of decedents dying after 2023.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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