A bill to prevent the estate tax law from operating to encourage or to require the destruction of open lands and historic places, by amending the Internal Revenue Code of 1954 to provide that real property which is farmland, woodland, or open land and forms part of an estate may be valued, for estate tax purposes, at its value as farmland, woodland, or open land (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 valuation and recapture of unpaid tax with interest in appropriate circumstances.

Summary

Provides that, under the Internal Revenue Code of 1954, real property which is farmland, woodland, or open land and forms part of an estate may be valued, for estate tax purposes, at its value as farmland, woodland, or open land (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 valuation and recapture of unpaid tax with interest under specified circumstances.

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Timeline

1. 28 May 1974

   Introduced

   Referred to Senate Committee on Finance.

   Source: IntroReferral

2. 28 May 1974

   Introduced

   Introduced in Senate

   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 Senate

  summary · EN · 28 May 1974

  Open at official source

Sponsors

• Sen. Mathias, Charles McC., Jr. [R-MD] · R · Sponsor
• Sen. Beall, J. Glenn, Jr. [R-MD] · R · Cosponsor
• Sen. Bennett, Wallace F. [R-UT] · R · Cosponsor
• Sen. Dole, Robert J. [R-KS] · R · Cosponsor
• Sen. Haskell, Floyd K. [D-CO] · D · Cosponsor
• Sen. Humphrey, Hubert H. [D-MN] · D · Cosponsor
• Sen. Javits, Jacob K. [R-NY] · R · Cosponsor
• Sen. McIntyre, Thomas J. [D-NH] · D · Cosponsor
• Sen. Stevens, Ted [R-AK] · R · Cosponsor
• Sen. Stevenson, Adlai E., III [D-IL] · D · Cosponsor
• Sen. Thurmond, Strom [R-SC] · R · Cosponsor
• · ssfi00 · Standing

Related records

• related to → A bill to prevent the estate tax law from operating to encourage or to require the destruction of open lands and historic places, by amending the Internal Revenue Code of 1954 to provide that real property which is farmland, woodland, or open land and forms part of an estate may be valued, for estate tax purposes, at its value as farmland, woodland, or open land (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.