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House Bill 2370
117th Congress(2021-2022)
Preserving Family Farms Act of 2021
Introduced
Introduced
Introduced in House on Apr 5, 2021
Overview
Text
Introduced in House 
Apr 5, 2021
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Introduced in House(Apr 5, 2021)
Apr 5, 2021
About Linkage
Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
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H. R. 2370 (Introduced-in-House)


117th CONGRESS
1st Session
H. R. 2370


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.

IN THE HOUSE OF REPRESENTATIVES

April 5, 2021

Mr. Panetta (for himself and Mrs. Walorski) introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

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.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Preserving Family Farms Act of 2021”.

SEC. 2. Increase in limitation on the estate tax valuation of certain real property used in farming or other trades or businesses.

(a) In general.—Section 2032A(a)(2) of the Internal Revenue Code of 1986 is amended by striking “$750,000” and inserting “$11,700,000”.

(b) Inflation adjustment.—Section 2032A(a)(3) of such Code is amended—

(1) by striking “$750,000” both places it appears and inserting “$11,700,000”,

(2) by striking “1998” in the matter preceding subparagraph (A) and inserting “2021”, and

(3) by striking “1997” in subparagraph (B) and inserting “2020”.

(c) Effective date.—The amendments made by this section shall apply to the estates of decedents dying after the date of the enactment of this Act.