A bill to amend the Internal Revenue Code to encourage the continuation of family farms, and to provide that farmland, woodland, or open land which comprises part of an estate may be valued, for estate tax purposes, as such rather than at its fair market value, and to provide that real property which is listed on the National Register of Historic Places may be valued, for estate tax purposes, at its value for its existing use, and to provide for the revocation of such lower evaluation and recapture of unpaid taxes with interest in appropriate circumstances.

Summary

Exempts from the estate tax imposed under the Internal Revenue Code the lesser of: (1) $200,000 and (2) the value of the decedent's interest in a family farming operation operated continually by the decedent for at least five years prior to his death and which passes to a relative on his death. Provides for revocation of such exemption in the event that the successor transfers his interest or stops residing on the farm within five years of the death of his transferor. Provides, under the Internal Revenue Code, that farmland, woodland, or open land which comprises part of an estate may be valued, for estate tax purposes, as such rather than at its fair market value. Provides that real property which is listed on the National Register of Historic Places may be valued, for estate tax purposes, at its value for its existing use. Provides for the revocation of such lower evaluation and recapture of unpaid taxes with interest upon the conversion, rezoning, or removal of such land from the National Register of Historic Places.

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1 official file

• Introduced in House

  summary · EN · 26 March 1975

  Open at official source

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