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United States · Bill · HR

H.R. 1299 (105th)

Family Business Protection Act of 1997

openUnited States· United States Congress· EN

Introduced

10 April 1997

Last action

5 August 1997 · Committee

Status

See H.R.2014.

Sponsors

Rep. McCrery, Jim [R-LA-4], Rep. Dunn, Jennifer [R-WA-8], Rep. Herger, Wally [R-CA-2], Rep. Christensen, Jon [R-NE-2], Rep. Condit, Gary A. [D-CA-18], Rep. Taylor, Charles H. [R-NC-11], Rep. Cramer, Robert E. (Bud), Jr. [D-AL-5], Rep. Cooksey, John [R-LA-5], Rep. Baker, Richard H. [R-LA-6], Rep. Goode, Virgil H., Jr. [R-VA-5], Rep. Hefner, W. G. (Bill) [D-NC-8], Rep. Gordon, Bart [D-TN-6], Rep. Mica, John L. [R-FL-7], Rep. Boucher, Rick [D-VA-9], Rep. McIntosh, David M. [R-IN-2], Rep. Houghton, Amo [R-NY-31], Rep. Hayworth, J. D. [R-AZ-5], Rep. Snowbarger, Vince [R-KS-3], Sen. Bunning, Jim [R-KY], Rep. Petri, Thomas E. [R-WI-6], Rep. Camp, Dave [R-MI-4], Rep. Bishop, Sanford D. [D-GA-2], Rep. Wolf, Frank R. [R-VA-10], Rep. Ney, Robert W. [R-OH-18], Rep. Dickey, Jay [R-AR-4], Rep. Emerson, Jo Ann [R-MO-8], Rep. Hutchinson, Asa [R-AR-3], Rep. Skeen, Joe [R-NM-2], Rep. Smith, Adam [D-WA-9], Rep. Ryun, Jim [R-KS-2], Rep. Lewis, Ron [R-KY-2], Rep. Hefley, Joel [R-CO-5], Rep. English, Phil [R-PA-3], Rep. Tauzin, W. J. (Billy) [R-LA-3], Rep. Shuster, Bud [R-PA-9], Rep. Northup, Anne M. [R-KY-3], Rep. LaHood, Ray [R-IL-18], Rep. Filner, Bob [D-CA-51], Rep. Canady, Charles T. [R-FL-12], Sen. Blunt, Roy [R-MO], Rep. Bateman, Herbert H. [R-VA-1], Rep. Bachus, Spencer [R-AL-6], Sen. Graham, Lindsey [R-SC], Rep. McIntyre, Mike [D-NC-7], Rep. Smith, Nick [R-MI-7], Rep. Cook, Merrill [R-UT-2], Rep. Ballenger, Cass [R-NC-10]

Subjects

Taxation

Source updated

21 August 2025

Taxation

Official sourceDownload fileView documentsShare

Summary

TABLE OF CONTENTS: Title I: Relief for All Individuals Title II: Additional Relief for Family-Owned Businesses and Farms Title III: Benefits for Conservation Easements Title IV: Benefits for Historic Preservation Family Business Protection Act of 1997 - Title I: Relief for All Individuals - Amends the Internal Revenue Code to replace the unified credit against the estate tax and the unified credit against the gift tax with a unified exemption amount. Title II: Additional Relief for Family-Owned Businesses and Farms - Excludes from the value of the gross estate of certain decedents specified portions of qualified family-owned business interests. Title III: Benefits for Conservation Easements - Excludes from the gross estate, if the executor elects, the value of land subject to a qualified conservation easement, except for any debt-financed portion. Provides for the treatment of any retained development right. Adds references to such property to provisions controlling the basis of property acquired from a decedent. (Sec. 302) Prohibits treating the transfer by gift of land subject to a qualified conservation easement as a transfer of property by gift for purposes of provisions relating to gift taxes. (Sec. 303) Amends provisions relating to the valuation of certain farm and other real property to prohibit a qualified conservation contribution (as defined in provisions relating to charitable contributions) from being deemed a disposition unless it is subject to a conservation easement. Declares that, if property is otherwise qualified real property, being subject to a conservation easement does not disqualify it. (Sec. 304) Allows a contribution to be treated as exclusively for conservation purposes if the surface estate and mineral interests have been and remain separated (currently, if the surface estate and mineral interests were separated before June 13, 1976, and remain separated) and if the probability of surface mining is so remote as to be negligible. Title IV: Benefits for Historic Preservation - Provides that for purposes of determining the estate tax the value of the taxable estate shall be determined by deducting from the value of the gross estate an amount equal to the value of any qualified historic property included in the estate.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 10 April 1997

    Introduced

    Referred to the House Committee on Ways and Means.

    Source: IntroReferral

  2. 10 April 1997

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 10 April 1997

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 5 August 1997

    Committee

    See H.R.2014.

    Source: Committee

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Introduced in House (text)

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  • Introduced in House (text)

    Introduced in House · EN · 10 April 1997

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  • Introduced in House (PDF)

    Introduced in House · EN · 10 April 1997

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  • Introduced in House

    summary · EN · 10 April 1997

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Sponsors

Related records

Sources

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