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S 161 104th Congress Senate Taxation Commerce Cost of living adjustments Economics and Public Finance Estate tax Families Family enterprises Gift tax Indexing (Economic policy) Interest rates Tax administration Tax credits Tax exclusion Tax rates Valuation

American Family Business Preservation Act

Introduced: January 5, 1995 Introduced by: Murray, Patty Democratic · Washington See on congress.gov
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 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 7, 1995
Committee on Finance. Hearings held. Hearings printed: S.Hrg. 104-89.
Jan 5, 1995
Read twice and referred to the Committee on Finance.
Jan 5, 1995
Sponsor introductory remarks on measure. (CR S486-487)
Jan 5, 1995
Introduced in Senate
 Plain-English summary Congressional Research Service

American Family Business Preservation Act - Amends the Internal Revenue Code to reduce the rate of estate tax on certain family-owned businesses. Provides for a recapture of tax benefits if the business is not held for at least ten years by the heirs or the heirs do not materially participate during such ten years.

Provides that the limitation on the four percent rate of interest on estate tax extended for estates consisting largely of a closely held business is not applicable to estate tax attributable to qualified family-owned business interests.

Extends the alternate valuation date from six months to 40 months for estates consisting largely of qualified family-owned business interests.

Increases the tax exclusion for gifts to ancestors or descendants.

Increases the unified estate and gift tax credits.

What's happening now June 7, 1995

Committee on Finance. Hearings held. Hearings printed: S.Hrg. 104-89.

 Committees of jurisdiction 1