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 and recapture of unpaid tax with interest in appropriate circumstances.

Summary

Provides, under the Internal Revenue Code, 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). 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 upon the conversion, sale, or rezoning of such property for another use.

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• Introduced in Senate

  summary · EN · 15 January 1975

  Open at official source

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