Family Farm Inheritance Act

Summary

Family Farm Inheritance Act - States that for purposes of the estate tax under the Internal Revenue Code the value of the taxable estate shall be determined by deducting the lesser of: (1) $200,000; or (2) the value of the decedent's interest in a family farming operation continuously owned by him or his spouse for five years prior to his death and which passes to a related individual. Disqualifies the individual to whom the estate passes from the tax benefit authorized by this Act if such individual, within five years after the decedent's death, sells or removes the family farming operation.

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

Timeline

1. 17 September 1975

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 17 September 1975

   Introduced

   Introduced in House

   Source: IntroReferral

3. 17 September 1975

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 17 September 1975

  Open at official source

Sponsors

• Rep. Roush, J. Edward [D-IN-4] · D · Sponsor
• · hswm00 · Standing

Related records

• related to → Family Farm Inheritance Act