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S 161 104th Congress Senate

American Family Business Preservation Act

Official title: A bill to amend the Internal Revenue Code of 1986 to reduce the rate of estate tax imposed on family-owned business interests.

Introduced: January 5, 1995 Introduced by: Murray, Patty Democratic · Washington See on congress.gov
Taxation CommerceCost of living adjustmentsEconomics and Public FinanceEstate tax
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FamiliesFamily enterprisesGift taxIndexing (Economic policy)Interest ratesTax administrationTax creditsTax exclusionTax ratesValuation
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This bill died when the 104th Congress ended
It never became law before the 104th Congress (1995–1996) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 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
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 Latest action June 7, 1995

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

 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.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
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APA
U.S. Congress. (2026). S. 161: American Family Business Preservation Act. 104th Congress. Open America. https://openamerica.io/bill/104-S-161/
MLA
"S. 161: American Family Business Preservation Act." 104th Congress, 2026, Open America, https://openamerica.io/bill/104-S-161/.
Bluebook (legal)
S. 161, 104th Cong. (2026), https://openamerica.io/bill/104-S-161/.
Markdown link
[S. 161: American Family Business Preservation Act](https://openamerica.io/bill/104-S-161/)
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