Family Business Preservation Estate Tax Act

Summary

Family Business Preservation Estate Tax Act This bill amends the Internal Revenue Code, with respect to the estate tax, to allow the value of the taxable estate to be reduced by the adjusted value of family-owned business interests that: (1) are included in determining the value of the gross estate, and (2) are acquired by or passed to an heir from the decedent. The deduction may not exceed the greater of: (1) the basic exclusion amount in effect for the calendar year that includes the death of the decedent ($5.49 million for 2017), or (2) the value of farmland which constitutes the family-owned business interest. The bill imposes a specified additional estate tax if, within 10 years of the decedent's death and before the heir's death: (1) material participation requirements are not met with respect to the family-owned business interest, (2) the heir disposes of any portion of the family-owned business interest (other than by a disposition to a member of the heir's family or through a qualified conservation contribution), (3) the heir loses U.S. citizenship or ceases to be a lawful permanent resident and the interest was not acquired or is not held in a qualified trust, or (4) the principal place of business of a trade or business of the family-owned business ceases to be located in the United States.

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

Timeline

1. 29 June 2017

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 29 June 2017

   Introduced

   Introduced in House

   Source: IntroReferral

3. 29 June 2017

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 29 June 2017 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 29 June 2017

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 29 June 2017

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 29 June 2017

  Open at official source

Sponsors

• Mike Thompson · D · Sponsor
• · hswm00 · Standing

Related records

No cross-record relationships stored yet.