Family Farm, Small Business, and Home Tax Relief Act

Summary

Family Farm, Small Business, and Home Tax Relief Act - Amends the Internal Revenue Code to: (1) accelerate from 2009 to 2008 the $3.5 million unified estate tax credit and adjust such credit amount for inflation in calendar years after 2008; (2) reduce the maximum estate tax rate from 49 to 43% in 2008; (3) restore and increase to $8 million the estate tax deduction for family-owned business interests and adjust such deduction amount for inflation after 2008; (4) accelerate from 2010 to 2008 the repeal of the tax on generation-skipping transfers; and (5) allow an exclusion, in calculating the gross estate for estate tax purposes, of the adjusted value of a decedent's principal residence, up to $2 million.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 1 November 2007

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• Introduced in House (PDF)

  Introduced in House · EN · 1 November 2007

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• Introduced in House

  summary · EN · 1 November 2007

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