118th Congress · HOUSE BILLBILL

H.R. 4937 — Preserving Family Farms Act of 2023

“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.”

Taxation

Introduced Jul 26, 2023

Last action Jul 26, 2023

Pipeline · Bill → Law

Step 1

Introduced

Jul 26, 2023

Step 2

Referred

Jul 26, 2023

Ways & Means

Step 3

Committee

Step 4

House floor

Step 5

Senate

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

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.

Provisions · 2 sectionsIntroduced in House

Timeline · 2 actions

Jul 26, 2023

Introduced in House

Jul 26, 2023

Referred to the House Committee on Ways and Means.