Skip to main content
S 482 105th Congress Senate

Family Business and Family Farm Preservation Act of 1997

Official title: A bill to amend the Internal Revenue Code of 1986 to partially exclude from the gross estate of a decedent the value of a family-owned business, and for other purposes.

Introduced: March 20, 1997 Introduced by: Collins, Susan M. Republican · Maine See on congress.gov
Taxation Agriculture and FoodAliensCitizenshipCollege costs
More subjectsShow fewer subjects
CommerceDebtEducationEstate taxFamiliesFamily enterprisesFamily farmsFinance and Financial SectorGiftsHealthHigher educationHousing and Community DevelopmentImmigrationLawLocation of industries
Sign in to write a letter Sign in to watch
This bill died when the 105th Congress ended
It never became law before the 105th Congress (1997–1998) 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 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
 Ask about this bill AI · grounded in the bill text

Have a question about what this bill does? Ask in plain English; the answer is drawn from the bill's actual text and official record, and it'll tell you when something isn't in the text rather than guess.

AI answers can be imperfect; always confirm against the full bill text.

 Latest action June 27, 1997

Sponsor introductory remarks on measure. (CR S6720)

 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.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
Cite this page click to expand
APA
U.S. Congress. (2026). S. 482: Family Business and Family Farm Preservation Act of 1997. 105th Congress. Open America. https://openamerica.io/bill/105-S-482/
MLA
"S. 482: Family Business and Family Farm Preservation Act of 1997." 105th Congress, 2026, Open America, https://openamerica.io/bill/105-S-482/.
Bluebook (legal)
S. 482, 105th Cong. (2026), https://openamerica.io/bill/105-S-482/.
Markdown link
[S. 482: Family Business and Family Farm Preservation Act of 1997](https://openamerica.io/bill/105-S-482/)
Report a problem