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Family Business and Family Farm Preservation Act of 1997

Introduced: March 20, 1997 Introduced by: Collins, Susan M. Republican · Maine See on congress.gov
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 Everywhere this bill has been 5 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 27, 1997
Sponsor introductory remarks on measure. (CR S6720)
Apr 10, 1997
Committee on Finance. Hearings held.
Mar 20, 1997
Read twice and referred to the Committee on Finance.
Mar 20, 1997
Sponsor introductory remarks on measure. (CR S2647-2648)
Mar 20, 1997
Introduced in Senate
 Plain-English summary Congressional Research Service

Family Business and Family Farm Preservation Act of 1997 - Amends the Internal Revenue Code to exclude from a decedent's gross estate the adjusted value (within certain limits) of qualified family-owned business interests.

Imposes an additional estate tax during the first ten years after death for failure to materially participate, disposition of assets, loss of U.S. citizenship, or overseas business relocation. Requires business interests passing to a noncitizen heir to do so as a qualified trust in order to receive such estate tax treatment.

Increases from 10 years to 20 years the installment period for payment of estate taxes where the estate consists largely of interest in closely held business.

What's happening now June 27, 1997

Sponsor introductory remarks on measure. (CR S6720)

 Committees of jurisdiction 1