Family Business Protection Act of 1980

Summary

Family Business Protection Act of 1980 - Amends the Internal Revenue Act, with respect to estate taxes, to reduce the value of any jointly held interest in a decedent's gross estate by up to 50 percent (not to exceed $500,000) of any real or tangible property devoted to use as a farm or to use in any other trade or business, where decedent's spouse and/or children materially participated in the operation of such farm, trade or business. Specifies a formula for the computation of the special value of any such interest. Imposes an additional tax to recapture any such tax benefits if the spouse and/or child dispose of any interest in such property within five years following the decedent's death.

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

Timeline

1. 24 January 1980

   Introduced

   Referred to Senate Committee on Finance.

   Source: IntroReferral

2. 24 January 1980

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 24 January 1980

  Open at official source

Sponsors

• Sen. Nelson, Gaylord [D-WI] · D · Sponsor
• Rep. Baucus, Max [D-MT-1] · D · Cosponsor
• Sen. Heinz, John [R-PA] · R · Cosponsor
• Sen. Stewart, Donald [D-AL] · D · Cosponsor
• Sen. Leahy, Patrick J. [D-VT] · D · Cosponsor
• Sen. Durkin, John A. [D-NH] · D · Cosponsor
• Sen. Boschwitz, Rudy [R-MN] · R · Cosponsor
• Sen. Schmitt, Harrison H. [R-NM] · R · Cosponsor
• · ssfi00 · Standing

Related records

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